Airtel Africa lists 3.7bn shares on NSE, adds N1.3trn to market cap


Airtel Africa Plc on Tuesday listed on the Nigerian Stock Exchange (NSE), promising to build leadership position that would create values to all stakeholders.

Segun Ogunsanya, the Chief Executive Officer and Managing Director, Airtel Nigeria, gave the assurance during the listing.

He said that Nigeria was a great place for business and Airtel Africa remained committed to building a leadership position.

Ogunsanya said: “Investors have been interested to hear our story, most importantly, they have been interested enough to invest in our business and are now ready to share the future with us.

“There is age potential for Africa, Africa is a growing continent with a huge number of young people who consume data.

“In terms of opportunity in mobile money, we would take advantage of this opportunity to reach the unbanked in Nigeria. Nigeria is a great place for business.”

Ogunsanya said that Airtel had 45 million subscribers in the country which made it one of the biggest.

He said that the telecoms firm planned to leverage robust opportunities in Nigeria’s mobile money space to grow its earnings.

The company listed 3,758,151,504 ordinary shares at N363 per share, adding a total of N1.364 trillion to the market capitalisation of the exchange.

The company listed on the Nigerian NSE after its London Stock Exchange (LSE) listing at an offer price of 80 pence.

Ogunsanya said the company was a leading provider of telecommunications and mobile money services, with presence in 14 countries in Africa, primarily in East, Central and West Africa.

He said the company offered an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services as well as mobile money services both nationally and internationally.

He added that the group offered traditional mobile voice services, with an increasing focus on data and non-voice services through the expansion of its 3G and 4G networks.

Ogunsanya hailed Nigerian regulators for support in ensuring successful listing of the company on the nation’s bourse.

He also praised Nigerian investors for support in the initial Public Offering and assured them that they would not be disappointed.

The Chief Executive Officer of Airtel Africa, Raghunath Mandava, said: “Airtel Africa is delighted to be listed on the main board of the exchange.

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

“Investors have been interested to hear our story and have been interested enough to invest in our business and are now ready to share the future with us,’’ Mandava said.

Ms Awuneba Ajumogobia, Member, Airtel Africa Board, said that the company was proud to be listed on the NSE in spite of challenges.

Ajumogobia said that the company looked forward for a joint prosperity.

Oscar Onyema, NSE Chief Executive Officer, commended Airtel Africa for the initiative.

Onyema said that the listing reaffirmed Airtel Africa’s long-term commitment to expanding opportunities and providing everyday services to Africans and Nigerians in particular.

He said that listing of the company’s shares added N1.36 trillion to the market capitalisation of NSE, further deepening the Nigerian capital market.

According to him, it will also increase the visibility of Airtel Africa to investors on the continent and across the globe.

“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”.

“Today’s listing is a promising development in Africa with Airtel Africa also being admitted to the premium listing segment to trade on the main market of the London Stock Exchange.

According to Onyema, this lends credence to the successful partnership between the two exchanges.

He urged other companies to explore different opportoplllĺnities for raising capital on the NSE platform.


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