July 2, 2019//-Airtel Africa shares fell as much as 15 percent on Friday after its London stock market debut, hitting a low of 67 pence (about Sh87) against an initial public offering price of 80 pence.
It was trading at 70.5 pence (about Sh91.56) at 09.15 GMT.
The company, a unit of India’s Bharti Airtel Ltd, set a range of 80 to 100 pence (about Sh103.0 to Sh129.87) per share the week before for its IPO, before pricing at the bottom of the spread.
The final offer comprised 744 million new shares, setting the deal size at 595 million pounds (about Sh77.3 billion) and the initial market capitalisation at about 3.1 billion pounds (about Sh403 billion) at issue, the company said.
“It does show the market is tricky,” said a person close to the transaction. “(But) this is day one.”
Reuters
