Mobile operator Airtel Africa PLC is to list its Malawi business on the local stock exchange, it said on Wednesday.
Airtel Malawi PLC will carry out an initial public offering on the Malawi Stock Exchange, with the price range to be determined in due course. The company did not say what use would be made of any funds raised.
Charles Kamoto, MD of Airtel Malawi, stated the planned IPO would enable citizens to “share in the growth of the company”, which had become “ingrained in the fabric of the country”.
Malawi makes up a part of Airtel’s East Africa segment, which made up around a third of the company’s revenue in interim results to September. Other nations in the segment are Kenya, Uganda, Rwanda, Tanzania, and Zambia.
The company engaged Standard Bank (Malawi) to act as its lead adviser, Airtel Africa said in a related statement.
Airtel itself is relatively new to the London market, having floated in June in 2019’s biggest IPO so far in London. It is a subsidiary of India’s Bharti Airtel, operating in 14 countries across Africa.
It placed shares in its initial public offering at 80 pence per share. Shares were up 1.5% on the day Wednesday morning at 80.45p.