The Nigerian Stock Exchange (NSE), has postponed the listing of Airtel’s shares for trading on the floor of the NSE today.
Airtel had on Thursday been unable to meet the requisite amount of 300 institutional investors needed to list its shares for trading.
The NSE had at yesterday, indicated that the Indian-based network provider will be granted a waiver and permitted to meet this target after the listing.
The NSE, however, appears to have made a U-turn.
“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,” a statement released by the NSE on Friday said.
“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.”
Bharti Airtel, the parent company of Airtel Africa, did an Initial Public Offering (IPO), on the floor of the London Stock Exchange last Friday.
It grossed $750 million from its sale of 937.500 million shares at 80 pens per share. Its shares had lost 13 percent in value shortly after trading started.
Airtel had said Thursday that it would list 39,227,968 ordinary shares of 60 cents at N363 per share today. Jude Chiemeka, NSE’s head of business trading had said during the media briefing yesterday that Airtel’s LSE shares can be bought on the floor of the NSE.