Mobile Operator Airtel Plans To Raise $37.5M Through Malawi IPO
Following initial public offerings in Nigeria and London in 2019, mobile operator Airtel plans to list its Malawian subsidiary on the Malawi Stock Exchange.
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.
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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.