Strong growth in Malawi has prompted Airtel Africa to pursue an IPO of its local unit on the country’s stock exchange.
Airtel Malawi’s MD Charles Kamoto said that the operator was “ingrained in the fabric of the country”, and that the offering would allow members of the public to “share in the growth of the company.”
The operator has not yet confirmed the number of shares that it will offer or the indicative price range, but Malawi’s current laws stipulate that the company must own 20% of any unit being put to an IPO. The listing will require approval from the relevant authorities.
Airtel Malawi has appointed Standard Bank (Malawi) as its lead adviser on the offering. The operator is part of Airtel Africa, which has operations across 14 African countries. It provides fixed broadband, mobile money, and 2G-4G services.