The second largest telecommunications group in Africa, Airtel Africa Plc, is set to sell its shares to Nigerian investors at between N363 and N454 per share.
The company in an offer prospectus obtained by the News Agency of Nigeria in Lagos said the shareholders’ offer was part of its global offer to raise 750 million dollars.
The company said the shares would be offered to high net-worth investors and institutional investors through book building.
Book building is a process used by companies to raise capital through public offerings, both initial public offers (IPOs) or follow-on public offers (FPOs), to aid price and demand discovery.
The offer price is determined after the bid closure based on the demand generated in the process.
It said the company’s shares would be listed on the Nigerian Stock Exchange (NSE) and London Stock Exchange (LSE) after the book building.
