Airtel Africa is expected to raise 595 million pounds or $749.05 million during the initial public offering (IPO) on the London Stock Exchange.
Airtel Africa, which has 98.85 million mobile phone subscribers, will issue about 595.2 million to 744 million new shares.

Airtel Africa said the price range values the company between 3.01 billion pounds and 3.62 billion pounds at the price range.

Airtel Africa, a unit of Bharti Airtel, on Monday set a price range of 80 to 100 pence per share for the IPO.

Airtel Africa also said it intends to list its shares on the Nigerian Stock Exchange at the same time as the London listing. The company said conditional dealings in its shares are expected to begin on or around June 28 and the final pricing will be announced the same day.

Raghunath Mandava is the managing director and CEO of Africa Airtel. Airtel Africa achieved 12 percent revenue growth, while EBITDA margin increased by 400 + basis point.

Airtel Money throughput rose 22 percent. Active Airtel Money customer base increased to 14.2 million, boosting the total transaction value on Airtel Money platform by 22 percent to $ 6.9 billion.

Airtel Africa’s Capex spending touched $630 million – focusing on high speed LTE network — during the fiscal ended March 31, 2019.

Airtel Africa’s mobile data traffic has grown 73 percent to 121 billion MBs in the fourth quarter of fiscal 2018-19. Data customer base of Airtel Africa increased 20.4 percent to 30 million.