Mobile Operator Airtel Plans To Raise $37.5M Through Malawi IPO

Avatar
Written by Peter Pedroncelli
Airtel Africa
Mobile operator Airtel plans to list its subsidiary, Airtel Malawi, on the Malawi Stock Exchange in a move designed to raise an estimated $37.5 million. Airtel staff attend to a customer during the launch of mobile number portability in Lagos, Nigeria, Monday, April 22, 2013. Image: AP Photo/Sunday Alamba

Following initial public offerings in Nigeria and London in 2019, mobile operator Airtel plans to list its Malawian subsidiary on the Malawi Stock Exchange. 

The subsidiary, Airtel Malawi, expects to raise an estimated $37.5 million for a market capitalization of around $187.4 million, according to IndiaTimes.

In June 2019, Airtel Africa completed its IPO on the London Stock Exchange to raise $750 million at an overall equity valuation of around $3.7 billion, with a secondary listing on the Nigerian Stock Exchange, TelegraphIndia reported.

Airtel Africa’s listing in Nigeria was the third-largest in Nigeria after the IPO of Dangote Cement and the introductory listing of MTN Nigeria, according to ITWeb. Airtel Africa sold 3.75 billion shares at around $0.99 per share.

Based in London, Airtel Africa provides mobile and mobile money services in 14 African countries, primarily in East, Central and West Africa. 

Listen to GHOGH with Jamarlin Martin | Episode 68: Jamarlin Martin

Jamarlin talks about the recent backlash against LeBron James for not speaking up for Joshua Wong and the violent Hong Kong protestors.

Indian telecoms operator Bharti Airtel, Airtel Malawi’s parent company, plans to raise as much as $3 billion to pay a multibillion-dollar tax bill.

The move comes after India’s Supreme Court ruled in October 2019 that Bharti Airtel had until January 2020 to pay $3 billion in historic taxes, penalties, and interest, according to TheOnlineCitizen.