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After opening at 77 pence, the shares fell a sharp 16% to 67 pence on the LSE Friday. The stock is trading at 68.25 pence currently. Parent Bharti Airtel’s shares closed 0.65% down at Rs 345.75 on the Bombay Stock Exchange Friday.
Airtel Africa, a Bharti Airtel unit, has nearly 99 million customers and operations in 14 countries in the continent. In a statement Friday, the company said its London<\/a> IPO was oversubscribed with strong interest from reputed global investors across the UK, US, Africa, Europe, Middle East and Asia.
Airtel Africa chairman Sunil Mittal said the strong support that the company has received from institutional investors “demonstrates the attractive investment proposition” it offers the market.
“Since first investing in Africa almost nine years ago, we have leveraged our expertise in emerging markets to deliver on a clearly defined strategy to build Airtel Africa into a market-leading mobile service provider, increasingly expanding beyond voice into data services and Airtel Money,” Mittal, who is also Bharti Airtel chairman, said in the statement.
Chief executive Raghunath Mandava added that Airtel Africa is the first telco to “simultaneously list on the premium segment of the London and Nigerian stock exchanges through an IPO”.
The final offer comprised some 744.04 million new shares, setting the IPO size at £595 million ($750 million), setting a market capitalisation at roughly £3.1 billion ($3.9 billion) at issue. It represents roughly 19% of the company’s issued share capital, immediately following UK Admission and Nigerian Admission (including the over-allotment option), Airtel Africa said.
Last week, Airtel’s Africa arm had set a price range of 80-100 pence per share for its London IPO in its bid to raise $750 million, lower than the earlier anticipated $1 billion. The IPO pricing was at a 32% discount to the price at which global investors like Warburg Pincus, Singtel<\/a>, SoftBank, Temasek and others had invested last year, which netted $1.45 billion for the company. Parent, Bharti Airtel had managed to cut the net debt of its Africa arm to $4 billion at the end of March by virtue of the pre-IPO placements. Airtel’s consolidated debt is some $15 billion.
Brokerage Jeffries has said the 80 pence per share IPO pricing would not lead to “any value unlocking” for Airtel Africa as it implies a “trailing EV\/Ebitda of 5.3x, which is well below the previous round at 7.4x and peers at 5.6x-7.6x”.
Airtel Africa said the offer also included some 67.64 million new shares in the company, which are being made available pursuant to the over-allotment option, and which, if exercised in full would account for roughly £54 million ($68 million) of the offer size.
Insiders said Bharti Airtel’s stake in its Africa arm will drop to around 55% from near 68.5% pre-IPO level, while foreign investors, who earlier collectively held 31.5%, will now own around 20%. The public holding, which includes some from the pre-IPO investors, in Airtel Africa will be 25%.
Airtel Africa, which has nearly 99 million customers and operations in 14 countries in the continent, had posted a net profit of $83 million (Rs 580 crore approx) for the March-end quarter, compared with a net loss of $49 million a year ago, helped mainly by increased consumption of data services and a rise in the transaction value on the Airtel Money platform.
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Airtel非洲弱证交所首日上市
打开后在77便士,股价大幅下跌16%,至67便士周五在伦敦证交所。目前股票的市盈率是68.25便士。父母Bharti Airtel股价下跌0.65%,收于345.75卢比周五孟买证交所。
打开后在77便士,股价大幅下跌16%,至67便士周五在伦敦证交所。目前股票的市盈率是68.25便士。父母Bharti Airtel股价下跌0.65%,收于345.75卢比周五孟买证交所。
Airtel非洲,Bharti Airtel单元,在14个国家拥有近9900万客户和业务的大陆。在上周五的一份声明中,该公司表示伦敦IPO超额认购,号称全球投资者的浓厚兴趣在英国、美国、非洲、欧洲、中东和亚洲。
Airtel非洲主席苏尼尔•米塔尔表示,机构投资者的大力支持,公司已收到“展示了有吸引力的投资提案”提供了市场。
”第一次在非洲投资近九年来,我们利用我们的专业知识在新兴市场提供一个清晰的战略构建Airtel非洲市场领先的移动服务提供商,越来越多的海外扩张的声音数据服务和旅馆的钱,”米塔尔,他也是Bharti Airtel主席在声明中称。
首席执行官热心Mandava补充说,Airtel非洲第一个电信”同时在伦敦和尼日利亚证券交易所的溢价部分通过IPO”。
最终报价由一些7.4404亿股新股,IPO规模设定在£5.95亿(7.5亿美元),设定一个市值约为£31亿(39亿美元)的问题。它代表公司的已发行股本约19%,尼日利亚英国录取和入学后(包括超额配售选择权),Airtel非洲说。
上周,Airtel的非洲部门设定一个价格区间80 - 100便士每股的伦敦上市的为了筹集7.5亿美元,低于之前预期的10亿美元。IPO定价是在32%的折扣的价格全球投资者像华平投资集团(Warburg Pincus),新加坡电信软银,淡马锡去年和其他投资,为公司净赚14.5亿美元。家长,Bharti Airtel设法减少其非洲部门的净负债40亿美元在3月底通过上市前的位置。Airtel的巩固债务是150亿美元。
经纪Jeffries说每股80便士的IPO定价将不会导致任何值解锁”Airtel非洲,因为它意味着“落后于EV / Ebitda的5.3倍,远低于上一轮在7.4 x和同伴在5.6 - 7.6 x”。
Airtel非洲说,还包括提供一些公司的6764万股新股,正按照提供的超额配售选择权,,如果全额行使占约£5400万(6800万美元)提供的大小。
内部人士说,Bharti Airtel在其非洲部门的股份将从上市前水平近68.5%下降到55%左右,而外国投资者,早些时候集体持有31.5%,将自己的约20%。公众持有,其中包括一些上市前的投资者,在非洲Airtel将是25%。
Airtel非洲,在14个国家拥有近9900万客户和业务的大陆,在8300万美元的净利润580卢比(大约)在3季度,相比之下,一年前净亏损4900万美元,帮助主要是通过增加消费的数据服务和交易价值上升Airtel资金平台。
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