Airtel Files Applications For Nigeria Listing With SEC

The local unit of Indian Bharti Airtel has filed an application to list on the Nigerian Stock Exchange (NSE) with the capital market regulator.

According to the African unit of the telecoms firm, Airtel plans to raise fresh capital through an Initial Public Offering on the London Stock Exchange (LSE) and also concurrently list on the local bourse.
A report said Airtel has filed its application to list on the NSE with the Securities and Exchange Commission (SEC) at the same time the African unit filed for IPO with the LSE.
Details and modalities for the listing remain shrouded in secrecy by top officials of the telecoms firm, but the listing may happen to before the end of the second quarter of the year or the third.
By the time the Airtel is listed on the NSE, it will be the second telecoms firm operating in Nigeria to list on the local bourse.
MTN Nigeria has listed on the NSE by introduction last month, breaking the jinx by the telecoms operators absence from the local bourse board.
Airtel Africa Ltd is proceeding with its IPO, which is expected to raise about $750 million to boost the telecoms firm's operations in the continent.
The unit of India’s Bharti Airtel Ltd has already set between 80 to 100 pence per share as price for its IPO.