Airtel Africa successfully listed on the London Stock Exchange (LSE) in a move that cheered its subsidiary Airtel Zambia who published the Initial Public Offering (IPO) announcement on the Lusaka Securities and Exchange Stock Exchange News (SENS) bulletin.
“The Board of Directors of Airtel Networks Zambia Plc (“Airtel Zambia”or “the Company”) wishes to inform the shareholders of the Company and the general public that Airtel Africa has successfully undertaken an Initial Public Offering (“IPO”) on the London Stock Exchange (“LSE”) on 28 June 2019”, read a statement issued on SENS on 3rd July 2019.
The Airtel group which has operations in 14 countries in Africa, is currently listed on the LuSE and is currently conducting a secondary listing on the Nigerian Stock Exchange (“NSE”), the statement further read.
The Monica Musonda led Board of the Zambia subsidiary will be pleased by this development as this was as “part of the IPO process, Zambia has been showcased on the global stage as one of the 14 countries where Airtel Africa operates”, according to the statement issued by Sonia Shamwana-Chinganya, Airtel Zambia’s Company Secretary. The company believes that the “international listing will further demonstrate the economic potential of Zambia as an important investment destination”.
At IPO, the Airtel security debut on the LSE with a share price of 80 pence/share. However, within 24 hours of the IPO, the mobile telecom’s security plunged by 15.12% to its lowest trading value in its one week of trading. However, the security rebounded by 7.55% and now trades at 72.92 pence per share.