Photo: Reuters.

INTERNATIONAL – Airtel Africa listed on the Nigerian Stock Exchange on Tuesday, in a flotation that valued it at 1.364 trillion naira, making it the bourse’s third-largest stock by market capitalisation.

India’s Bharti Airtel offered shares in its African unit two weeks ago via a London IPO and said it would dual list in Nigeria, its biggest market in Africa. It listed the shares at 363 naira each in Lagos.

Last week Friday, The Nigerian Stock Exchange said the secondary listing of Airtel Africa shares planned for July 5 had been postponed to ensure the telecoms company meets its listing requirements.

A source at the arranger told Reuters the delay was due to a manual allotment process of transferring the shares to new investors.

Nigeria’s bourse said it postponed the cross-border listing of 3.76 billion shares of Airtel Africa, but allowed Airtel to go ahead with an investor presentation.