Airtel Africa, Africa’s second largest mobile phone operator are pushing ahead with plans to float on the London Stock Exchange valued at £3.6bn.
The operator confirmed their initial public offering (IPO) on Monday and are to start trading on 28 June in London.
The price range for the float has been set between 80p and 100p per share giving Airtel Africa a market capitalisation of between £3bn and £3.6bn.
The company will float between 595.2m and 744m new share and is expected to raise £595m in equity this includes an over-subscription option.
Raghunath Mandava, chief executive of Airtel Africa said, “We have built Airtel Africa into the second largest mobile operator in Africa and our clear strategy and efficient business model make us well positioned to capture the growth opportunities across our markets, in voice, data and mobile money.
“Our leadership position, positive track record and the exciting growth opportunities in the markets where we operate, have resulted in significant interest in our business.
“We are excited to be able to give an opportunity to a broader audience of institutional investors to participate in some of the fastest growing telecom and payment markets in the world through the IPO of Airtel Africa shares on the London Stock Exchange.”