Airtel Africa Ltd a unit of India’s Bharti Airtel Ltd, on Monday set a price range of 80 to 100 pence per share for its planned initial public offering on the London Stock Exchange.
The IPO is expected to raise 595 million pounds ($749.05 million) from the issuance of about 595.2 million to 744 million new shares.
The company said the price range values it between 3.01 billion pounds and 3.62 billion pounds at the price range. Airtel Africa also said it intends to list its shares on the Nigerian Stock Exchange at the same time as the London listing.
The company said conditional dealings in its shares are expected to begin on or around June 28 and the final pricing will be announced the same day. ($1 = 0.7943 pounds).
The company, which operates a telecoms and mobile money business across 14 countries, revealed that it was planning to press ahead with a listing 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.
At least 25 percent of the stock is expected to be floated immediately after the IPO. Shares are expected to start trading Friday, June 28.
