Airtel Africa is targeting a valuation of up to £3.6bn as it pushes ahead with a London listing, the continent’s second-largest mobile operator said on Monday.
The group has set a price range for its initial public offering at 80p to 100p, implying a market capitalisation of £3.007bn to £3.623bn, excluding an overallotment option.
The company operates a telecoms and mobile money business across 14 African countries. It revealed last month it was planning to press ahead with a listing in a bid to cut debt levels.
“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,” said Raghunath Mandava, Airtel Africa chief executive.
“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.”
The listing will see the company float 595.2m-744m new shares, raising a total of £595m, including an overallotment option.
The group, which is owned by Bharti Airtel of India, also said on Monday it would pursue a Nigerian listing concurrently with the London IPO.
At least 25 per cent of the stock is expected to be freely floated immediately following the IPO. Shares are expected to begin trading on June 28.
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