Airtel Africa aims to raise about 27.92 billion Malawian Kwacha or $37.5 million through the initial public offering (IPO) of its local business Airtel Malawi.

The company, a subsidiary of India’s Bharti Airtel, on Tuesday set the price of the IPO at MK 12.69 or $0.021 per share, PTI reported.

The offer will comprise 1.65 billion shares, representing 15 percent of the issued share capital. An additional 55 million shares, representing 5 percent of the issued share capital will be available subject to over-allotment option, Bharti Airtel said in a regulatory filing.

Airtel Africa, which has presence in 14 countries across Africa, offers 4G/LTE, 2G and 3G wireless services, and high speed fixed broadband Internet services. Airtel Malawi was set up in 2010 as a subsidiary of Airtel Africa.

Airtel Africa earlier reported that its subscriber base crossed 100 million across its operations. Airtel Africa is the second largest mobile operator in Africa by number of active mobile subscribers on its telecom network.

Airtel Africa earlier set a price range of 80 to 100 pence per share for its initial IPO on the London Stock Exchange. The IPO is expected to raise 595 million pounds ($749.05 million) from the issuance of about 595.2 million to 744 million new shares.