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Airtel Africa raises $38m through IPO of Malawi subsidiary

Fri 14 February 2020 14:38 | A A A

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(Sharecast News) - Telecommunications and mobile money provider Airtel Africa announced the results of the initial public offering of its subsidiary Airtel Malawi on the main market of the Malawi Stock Exchange on Friday.

The London-listed firm said all ordinary shares offered in the IPO were fully subscribed.

"The total number of offered shares amounted to 2,200,000,000, representing 20% of shares outstanding," the board said in its statement.

The price was set at MWK 12.69, or roughly two US cents, per ordinary share, resulting in gross proceeds of approximately MWK 27.92bn, or $37.5m (€28.8m).

At 1435 GMT, shares in Airtel Africa were down 0.66% at 74.95p.

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