Airtel Africa to raise Rs 5240 cr; sets London IPO price range between 80-100 pence share

NEW DELHI: Airtel Africa has set a price of 80-100 pence a share for its initial public offer (IPO) on the London Stock Exchange (LSE) to raise about $750 million (Rs 5,240 crore). The funds will be used to pare the company’s debt.

The IPO will see 25% of the company’s shares up for sale for retail as well as pre-IPO investors following which the company will be eligible for inclusion in the FTSE UK indices, the company said in a filing to London Stock Exchanges Monday.

The company is expected to raise 595 million pounds ($749.05 million) by issuing about 595.2 million to 744 million new shares. The given price range implies a market capitalisation between 3.01 billion pounds and 3.62 billion pounds ($3,788 million – $4,565 million).