Story so far… on Airtel Nigeria’s listing process on the Nigerian Stock Exchange (NSE)

On Friday, 5th July 2019 the planned listing of Airtel Nigeria on the Nigerian Stock Exchange (NSE) market was postponed. According to NSE’s statement, the postponement was to make sure the telecommunications company Airtel Nigeria; meet all the requirement needed to list on the market.

The telecommunications giant plans to list 3,758,151,504 ordinary shares of Airtel Africa Plc at 363 naira per share; with the company having a value of 1.364 trillion naira (US$4.44 billion).

After the postponement, there were speculations and media reports suggesting that; the listing process will continue on Monday (8th July, 2019). But on Sunday (7th July 2019), NSE released a statement addressing these reports and stated the commencement date for Airtel  Nigeria listing process is Tuesday 9th July, 2019.

Also according to some sources; the apex capital market regulator, The Securities and Exchange Commission (SEC) on Friday (July 5, 2019) approved the secondary listing of Airtel Africa Plc on the Nigerian Stock Exchange (NSE). This approval came just moments before the postponement of the listing process by NSE.

Few facts on the listing process

Although unknown if Airtel Nigeria have now satisfactorily met all the pre-requisite requirements for the listing process but we await to see the outcome. However, so far here are a few facts about the listing process:

NSE granted Airtel Africa a waiver to list its shares on the exchange even though; it do not meet the minimum requirement of 300 shareholders as at the day of scheduled listing. However, the waiver was because Airtel has also listed on the London Stock Exchange (LSE) and must have complied with the stringent listing requirement in the foreign destinations.

In May 2019, MTN which is Africa’s biggest telecoms firm successfully listed as the second largest stock on the NSE. Now another telecoms giant is in the same process.

If Airtel Nigeria successfully list on the Nigerian Stock Exchange (NSE) market; its approximately 1.36 trillion naira in market capitalisation will lift the NSE market cap to over 14 trillion naira. It will also help to make the telecommunication sector a new major sector represented on the Exchange.

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