Airtel Africa: planning to list in Lagos bourse at between N363 and N454

Airtel Africa, the second telecom company after MTN, to be listed on Nigerian Stock Exchange is planning to offer its share price at between N363 and N454.

This is according to the prospectus for the unit’s primary listing in London.

The offer price which is subject to regulatory approval will be for a share offer size of between 501,125,542 to 716,406,925 ordinary shares.

According to some Nigerian stock broking firms involved with the planned offer, Airtel has applied to Nigeria’s SEC for approval and expects to announce the final offer terms around June 28, with the listing happening on July 4, 2019.

“The book building opened June 18, 2019 and closes June 28, 2019.

“Proceeds will be used to achieve a targeted Leverage Ratio of 2.5x (prior to any proceeds from the Over-allotment Option) based on Underlying EBITDA for the year ended 31 March 2019 and composed of a targeted net debt (excluding finance lease obligations) to Underlying EBITDA ratio of 1.6x (prior to any proceeds from the Over-Allotment Option) and a targeted finance lease obligations debt to Underlying EBITDA ratio of 0.9x.

Airtel intends to distribute dividends in an interim and final divided format, with the first interim, dividend expected to be declared following the half year results for the six months ending September 2019, subject to policy and approvals.

Read the Prospectus: Airtel IPO Prospectus