Airtel Africa quoted down 10% in pre-market bids after debut listing

The logo of telecommunications company Airtel is pictured on a street in Abuja, Nigeria July 9, 2019. REUTERS/Afolabi Sotunde

LAGOS (Reuters) – Airtel Africa shares fell 10% to 359.40 naira in pre-market bids on Wednesday after its debut $4.4 billion stock market listing on the Lagos bourse a day earlier.

The telecoms company, owned by India’s Bharti Airtel, listed in Lagos on Tuesday in an offering that made it the third-largest company on the exchange by market value behind main rival MTN Nigeria and Dangote Cement.

A total of 256,103 orders had been placed for the stock by 0922 GMT. The shares, which listed at 363 naira, closed 10% higher at 399.30 naira on Tuesday.

Reporting by Chijioke Ohuocha, editing by Deepa Babingotn

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