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Business News of Friday, 14 February 2020

Source: MyNigeria

Airtel records full subscription of ordinary shares in Malawi IPO

Telecommunications giant, Airtel has recorded a full subscription of its shares in its Initial Public Offering in Malawi where it sought to raise $37.5m.

The telco made this announcement in a notice filed to the Nigerian Stock Exchange, noting that all its ordinary shares offered in the IPO had been fully subscribed.

"All ordinary shares in the IPO have been fully subscribed. The total number of offered shares amounted to 2,200,000, representing 20% of shares outstanding," the statement read in part.

According to the notice, Airtel Malawi stated that the price has been set at MK 12.69 (USD 0.02) per ordinary share resulting in gross proceeds of approximately MK 27.92 billion (USD 37.5m).

Recall that Airtel in December 2019 revealed its plans to undertake an IPO in Malawi.

The notice filed at the Nigerian Stock Exchange revealed that the set price for the IPO was $0.02 (MK12.69) per ordinary share.

Airtel said the offer was expected to compromise 1.65 billion shares, representing 15 percent of the issued share capital.

It said the additional 550 million shares, which represents five percent of the issued share capital, would be made available, subject to the exercise of the over-allotment option.

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