The second largest telecommunications group in Africa, Airtel Africa Plc, is set to sell its shares to Nigerian investors at between N363 and N454 per share.
The company in an offer prospectus obtained by the News Agency of Nigeria (NAN) in Lagos said the shareholders’ offer was part of its global offer to raise 750 million dollars.
The company said the shares would be offered to high net-worth investors and institutional investors through book building.
Book building is a process used by companies to raise capital through public offerings, both initial public offers (IPOs) or follow-on public offers (FPOs), to aid price and demand discovery.
The offer price is determined after the bid closure based on the demand generated in the process.
It said the company’s shares would be listed on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE) after the book building.
The company plans to offer 501.125 million and 716.406 million shares to Nigerians.
The directors, according to the prospectus, believes that offering the shares in Nigeria and listing on the NSE would encourage operational discipline through the establishment of an independent capital structure and governance framework following the successful turnaround of the Group’s operations.