NSE postpones Airtel listing

The Nigerian Stock Exchange (NSE) has announced the postponement of the planned listing of Airtel Africa.

The telecommunication company had planned to list its shares on the NSE on July 5.

However, the NSE said the listing of Airtel Africa had been postponed over “approval prerequisites”.

“The cross border secondary listing of 3,758,151,504 ordinary shares of Airtel Africa Plc has been postponed from the scheduled date of Friday, July 5, 2019,” the statement read.

“This postponement was necessitated by the need to ensure that the company meets all the post NSE approval pre-requisites for listing on the NSE.

“However, the facts before the listing event will hold as planned at 11.00 a.m. on Friday, July 5, 2019.”

The NSE said it would provide further communication on the issue when all the conditions for the listing in its market had been met.

Airtel, in the listing prospectus, had hoped to raise $750 million through listings on the NSE and London Stock Exchange.

The company had also said it would offer between 501.125 million and 716.406 million shares to Nigerians through book building.

Book building is a process used by companies to raise capital through public offerings, both initial public offers (IPOs) or follow-on public offers (FPOs), to aid price and demand discovery.