Airtel Africa finally listed its shares on the Nigerian Stock Exchange (NSE) on Tuesday with investors bought and sold worth 39.97 billion naira on the first day of trading, pushing up the market capitalisation to close at 14.28 trillion naira.
The shares of the telecoms firm closed at 399.3 naira per share, gaining the maximum of 10 percent above its quoted price of 363 naira per share at the close of trading on Tuesday.
Transaction on the shares of the telecoms firm followed the pattern of trading on the stock of its main rival MTN Nigeria when it was listed on the premium board of the local bourse in May.
Airtel shares worth 3,758,151,504 ordinary shares at 363 naira per share were listed on the NSE on Tuesday after two previous postponements. However, the stock was marked Below Listing Standard (BLS) by the NSE because the telecoms firm could not meet the Exchange requirement.
"The listing of the ccompany's shares has added N1.36 trillion to the market capitalization of the Exchange, further deepening the Nigerian capital market. It will also increase the visibility of Airtel Africa to investors on the continent and across the globe," the NSE said in a statement.
According to the chief executive of the NSE, the 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.
“Today’s 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," Oscar Onyema said.
"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.
MTN Nigeria was the first telecoms firm to list on the premium board of the local Exchange in May.
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