Airtel listing pushes Nigerian stock exchange market capitalisation up

Airtel Africa’s share price rose by the maximum daily percentage change of 10 per cent to close yesterday at ₦399.30 per share
Airtel listing pushes Nigerian stock exchange market capitalisation up

Airtel Africa Plc started trading on the Nigerian Stock Exchange (NSE) with strong enthusiasm, rallying a ₦136.4 billion gain in the immediate hour after its shares were listed on the Exchange.

Airtel Africa’s share price rose by the maximum daily percentage change of 10 per cent to close yesterday at ₦399.30 per share.

The NSE listed 3.758 billion ordinary shares of Airtel Africa on its main board at ₦363 per share, the offer price for the telco’s initial public offering (IPO). Airtel Africa had last week listed on the London Stock Exchange (LSE), its primary listing exchange, at 80 pence.

As against the weak start on the first trading day at LSE, Airtel Africa’s dual listing on the NSE started on a positive note, with the telco leading the Nigerian market to a total gain of ₦1.38 trillion.

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Airtel Africa’s debut trading on the LSE was, however, weak dropping by as much as 16 per cent during the first trading session.

Airtel Africa set out with an initial listing value of ₦1.36 trillion and closed the first day at the NSE with a market capitalisation of ₦1.5 trillion.

Under its IPO, Airtel Africa had allotted 39.23 million ordinary shares to qualified institutional investors and high net worth investors in Nigeria while 704.82 million shares were allotted to other global investors in various jurisdictions outside Nigeria.

Chief Executive Officer, Airtel Africa Plc, Raghunath Mandava, says Airtel Africa is delighted to be listed on the main board of the Exchange.

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“This is an exciting time for Airtel Africa in the 14 countries it operates in and an important milestone in our development as a leading provider of telecommunications and mobile money services in Africa”, Mandava says.

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Speaking on the floor of the Exchange, Managing Director, Airtel Network Limited (Airtel Nigeria), Mr. Segun Ogunsanya, noted that Nigeria has been a great place for business and Airtel Africa remains committed to building a leadership position in Nigeria.

Chief Executive Officer, Nigerian Stock Exchange (NSE), Mr. Oscar Onyema, noted that Airtel Africa has made history as the first telecom company to simultaneously list on both the LSE and NSE.

He said the listing on the Exchange reaffirms Airtel Africa’s long-term commitment to expanding opportunities for Nigerians in addition to providing everyday services to them.

“This listing serves to deepen the telecoms and technology sector for investors and provides an opportunity for a wider group of Nigerians to be part of the African telecoms growth story.

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This listing is a promising development in Africa with Airtel Africa being the second company to have its ordinary shares listed on both the London Stock Exchange and the Nigerian Stock Exchange,” Onyema said.


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