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Airtel Africa plc (LON:AAF) a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, further to its announcement on 24 December 2019, today announced the results of the Initial Public Offering (“IPO”) of its subsidiary Airtel Malawi plc on the main market of the Malawi Stock Exchange.

Airtel Africa confirmed all ordinary shares offered in the IPO have been fully subscribed. The total number of offered shares amounted to 2,200,000,000, representing 20% of shares outstanding.

The price has been set at MK 12.69 (USD 0.02) per ordinary share resulting in gross proceeds of approximately MK 27.92 billion (USD 37.5m¹).

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