Airtel Africa has announced the successful pricing of its Initial Public Offering at N363 per share on the Nigerian Stock Exchange and 80 pence per share on the London Stock Exchange.

The telecom company, while announcing the offer price for the shares on Friday, estimated its market capitalisation at N1.4tn or $3.9bn or £3.1bn on completion of the offer.

Airtel Africa, a subsidiary of Bharti Airtel, said the offer was dominantly allocated to global strategic and pre-IPO investors only as well as Nigerian investors.

According to the company, the offer comprises 744,047,619 new shares  — being the total of 704,819,651 new shares in respect of the global offer to institutional investors in various jurisdictions outside of Nigeria and 39,227,968 new shares in respect of the offer to qualified institutional investors and high net worth investors in Nigeria, equating to a total offer size of approximately £595m (N270bn or $750m).

Airtel said the offer size represented about 19 per cent of the company’s issued share capital immediately following United Kingdom Admission and Nigerian Admission.

“The offer also came with a secondary listing on the Nigeria Stock Exchange with meaningful allocations to Nigerian investors,” it added.

Commenting on the announcement, the Chief Executive Officer, Airtel Africa, Raghunath Mandava, said, “We are delighted by the strong response we have received from the many high-quality investors from around the world.  This is a proud moment for the team that has built Airtel Africa into the second largest mobile operator in Africa.