Bharti Airtel, India’s telecom firm is considering a stock market flotation in London, for its subsidiary, Airtel Africa.
It also plans to list on the Nigerian Stock Exchange (NSE).
The announcement of the planned listing in Nigeria comes barely two
weeks after MTN Nigeria listed by introduction its 20.4 billion units on
the NSE at N90 per share.
According to Reuters, the Sunil Bharti Mittal firm aimed to raise about $1 billion in a June equity offering.
Airtel operates in 14 African markets including Democratic Republic of the Congo, Kenya, Nigeria, Rwanda, Seychelles, Uganda and Zambia.
The telecoms operator, according to sources is seeking to list on the NSE to be able to strengthen its operations in West Africa.
Airtel is the third largest operator in
Nigeria with 26 per cent market share and 45 million subscribers.The
firm is the continent’s second-biggest mobile operator.
Though, Airtel Nigeria is yet to officially confirm this new development
in regards to listing in Nigeria, but an insider within the
telecommunications firm told The Guardian yesterday that “something of
that nature is in the offing. Watch out!”
Also, a source privy to the information at the NSE, confirmed to The
Guardian that Airtel Nigeria has declared intention to list its shares
on the local bourse.
“However, no formal application has been filled to the Securities and
Exchange Commission (SEC), the apex capital market regulator in that
regard but the telecom firm is currently discussing with the regulator
on the proposals,” the source stated.
The move comes as stakeholders in the Nigerian Capital market are
demanding for the list of all brokerage firms that handle the buying and
selling of MTN shares, to prove to the general public that its
allegiance lies with them and not the powers that be.
According to one of them NSE should “release the names of all brokerage
firms that were involved in buying and selling MTN Nigeria’s shares from
May 16 – May 22.
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