Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.


Airtel Africa Tanks on London Stock Exchange Debut

Article Image
Airtel Africa's valuation took a bit of a hammering on its first day as a listed entity on the London Stock Exchange. The stock, which floated at 80 pence per share, slid 15% to 68 pence within hours of the listing.

The 80 pence offer price, which was at the low end of the range announced earlier this month, gave Airtel Africa an IPO valuation of about 3.1 billion ($3.94 billion): The current share price values the operator at 2.64 billion ($3.35 billion). A report from Bloomberg noted that this was one of the worst debuts on a European exchange this year.

The operator, which had almost 100 million customers across 14 African markets at the end of March, had been hoping for a higher IPO valuation. (See IPO Will Value Airtel Africa at Up To 3.6B.)

The operator also listed on the Nigerian Stock Exchange at the same time and in total raised approximately 595 million ($755 million) from the issue of new shares, which will be used by parent company Airtel to pay off some of its debts.

"This is a proud moment for the team that has built Airtel Africa into the second largest mobile operator in Africa," noted Airtel Africa CEO Raghunath Mandava in an official announcement about the listings.

Airtel Africa CEO, Raghunath Mandava: 'This is a proud moment for the team that has built Airtel Africa into the second largest mobile operator in Africa.'
Airtel Africa CEO, Raghunath Mandava: "This is a proud moment for the team that has built Airtel Africa into the second largest mobile operator in Africa."

"We are now the first telecom company to simultaneously list on the Premium segment of the London Stock Exchange and Nigerian Stock Exchange through an IPO. We welcome our new investors and look forward to continuing to execute our strategy and deliver the growth opportunities across our markets in voice, data and mobile money," he added.

The staff, Connecting Africa

Innovation hub


Illara Health aims to improve quality of care in Kenya

Kenyan healthtech startup Illara Health aspires to improve the quality of care in the country's clinics by providing equipment financing and digitizing facilities with its software.


Orange opens digital center in Guinea-Bissau

Pan-African operator Orange has opened an Orange Digital Center (ODC) in Guinea-Bissau.

More Innovation hub

Latest video

More videos

Partner perspectives

All Partner Perspectives

Sponsored video

More videos

Follow us on X

Industry announcements

More Industry announcements

Upcoming events

Cyber Revolution Summit
August 9, 2024
Gaborone, Botswana
Africa Tech Festival 2024
November 12-14, 2024
Cape Town, South Africa
More Upcoming events

Africa Tech Perspectives


Uber's Marjorie Saint-Lot on inclusion and sustainability in Africa

Uber's Country Manager for Ghana and Cote d'Ivoire, Marjorie Saint-Lot, shares how the ride-hailing company is approaching public-private partnerships, environmentally friendly initiatives and gender inclusion in Africa.


The 100 most influential African leaders in 2023

A new report from Africa Tech Festival and Connecting Africa puts a spotlight on the top 100 African leaders in the telecoms and technology sector in 2023.


Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

More Africa Tech perspectives

Guest Perspectives


Leadership Lessons: The importance of mentorship for career growth

By Nollie Maoto

Nollie Maoto, First Rand Group's compliance chief data and analytics officer and Africa Tech Festival Leadership Council member, reflects on the importance of mentorship for career growth for African women in data analytics.


Omdia View: May 2024

By Omdia Analysts

May 2024's telecoms highlights in the Middle East and Africa included African 5G subscriptions surpassing 5 million, growth from SpaceX's satellite Internet service Starlink, and a major fiber partnership in the Middle East and North Africa.

More Guest Perspectives

Like us on Facebook

Newsletter Sign Up

Sign Up
Tag id test-002