ICT

Airtel Africa drops 12.5% in early trade after London debut

Airtel Africa shares dropped as much as 12.5% in early trade on Friday after its London stock market debut, hitting a low of 70 pence ($0.89) after setting the price at 80 pence per share. 

Airtel Africa, a unit of India’s Bharti Airtel Ltd., last week set a price range of 80 pence to 100 pence per share for its IPO, before pricing at the bottom of the range. 

The final offer comprised 744,047,619 new shares, setting the deal size at 595 million pounds ($754.3 million) and the initial market capitalisation at 3.1 billion pounds at issue, the company said.

Related posts

NCAA shelves threat to demolish 7,000 telecom masts

By Shile GIWA

Italian company seeks partnership with NCC to deepen telecom sector

Shile GIWA

Broadband-Nigeria hits 31 % penetration in November 2018- NCC

Editor

$8.1bn row: MTN seeking ‘acceptable solution’ to dispute

Editor

Stakeholders count gains of Airtel, MTN’s 5G rollout

Editor