Airtel Africa Plc, on Tuesday 9th of July, became the second telecommunication company that has listed on the Nigerian bourse this year. The company listed its 3,758,151,504 ordinary shares.
There is no saying how the companies will perform as it is yet early days. Although yesterday, Tuesday, 9th July, towards the end of trading activities, it was reported at the equities market that MTN Nigeria -who recently listed her shares, performed poorly. The telecommunications company which opened the market at N129.45 kobo dropped by 0.4 per cent after closing at N129.05 kobo per share.
In June, Airtel Africa had a retrogressive slope when it listed on the London Stock Exchange (LSE). The stock slumped 15 percent, losing about £400 million of its opening valuation.
However, per ordinary share on the Main Board of The Exchange, Airtel Africa at an offer price of N363 per ordinary share listed it on the NSE on the main market of the London Stock Exchange, the primary listing exchange.
N1.36 trillion has been added to the market capitalisation of The Exchange due to the listing of the company’s shares which has deepened further the Nigerian capital market.
Giving his opinion on the listing, the Chief Executive Officer of Nigerian Stock Exchange, Mr. Oscar N. Onyema, applauded Airtel Africa Plc for taking the bold step to list on the Exchange.
“Listing on the Exchange reaffirms Airtel Africa’s long-term commitment to expanding opportunities and providing everyday services to Africans and Nigerians in particular. It also indicates the firm’s belief that our platform, which has a total market capitalization of N25.20Tn across various asset classes, remains a veritable avenue for raising capital and enabling sustainable national growth. This listing serves to deepen the telecoms and technology sector for investors and provides an opportunity for a wider group of Nigerians to be part of the African telecoms growth story.” Onyema said.
Oscar Onyema also said that the listing is a promising development in Africa with Airtel Africa being the second company to have its ordinary shares listed on both the London Stock Exchange and The Nigerian Stock Exchange.
“This gives credence to the successful partnership between the two exchanges. I encourage similarly situated companies to explore the different opportunities for raising capital on the Exchange’s platform”, Onyema added.
The telecommunications giant, Airtel Africa, is the holding company of Airtel Networks Limited (Airtel Nigeria) and thirteen (13) other subsidiaries in Africa – Airtel Congo S.A., Airtel Gabon S.A., Celtel Niger S.A., Airtel Congo RDC S.A. (DRC). Airtel Tanzania Plc, Airtel