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10 Jul 2019, Petia Krasteva, EMIS Editor

Airtel Africa makes USD 3.8bn IPO on Nigerian and London stock markets

Airtel Africa has sold 3.76bn shares for a total of USD 3.8bn in its pilot IPO that was sold simultaneously on the Nigerian Stock Exchange and the London Stock Exchange this week, CEEMarketWatch said. After the float, Airtel Africa becomes the third largest NSE stock by market capitalization. The company comprises Airtel Nigeria and 13 other subsidiaries in Africa.

Despite the new share offering seen since the start of the year -- the IPO of the Nigerian independent oil and gas company Seplat and the listing of MTN telecom, Nigerian stock market remains in decline. According to CEEMArketWatch, NSE's broad index lost 6.9% since start of 2019 after 18.8% slump in 2018.

Sign in and read the full article in emis.com, and find out more about EMIS. Original source: CEEMarketWatch