(Alliance News) - Airtel Africa PLC on Friday said unit Airtel Malawi raised a total of MK27.92 billion, around USD37.5 million, in its initial public offering on the Malawi Stock Exchange.
The FTSE 250-listed telecoms company said that the IPO - which was first announced in December - was fully subscribed. The share price has been set at MK12.69 per share and 2.20 billion shares were issued, representing 20% of shares outstanding.
Airtel Africa is a subsidiary of India's Bharti Airtel and operates in 14 countries across Africa. It floated on the London Stock Exchange in June 2019.
The stock was down 0.7% at 74.95 pence each on Friday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Airtel Africa (AAF)