By Dipo Olowookere The Initial Public Offering (IPO) of Airtel Africa Plc has already commenced and will conclude on Thursday, June 27, 2019. The exercise stated on Tuesday, June 18, 2019. Business Post reports that the telco, which is planning to list its shares on the Nigerian Stock Exchange (NSE), is carrying out the IPO via book building. Those expected to purchase the premium equity are only institutional investors and high net worth investors, who have net worth of at least N300 million excluding automobiles, homes and furniture. It was learned that Airtel Africa, which is also listing on the London Stock Exchange (LSE), is offering for sale a total units of 501,125,542 to 716,406,927 ordinary share at N363 to N454 each. The telecom firm stated that announcement of offer price, offer size, publication of the pricing statement and allotment of ordinary shares will take place on Friday, June 28, 2019, with allotment of ordinary shares to the shareholders and crediting of ordinary shares to the CSCS accounts of successful subscribers fixed for Saturday, June 29, 2019 and Wednesday, July 3, 2019 respectively. Airtel Africa said proceeds of the offer will be utilized to reduce the debt of the company. On its dividend policy, the firm said it aims to distribute to its shareholders a minimum of 80 percent of consolidated free cash flow as long as a ratio of net debt to underlying EBITDA of between 2.0-2.5 times is maintained subject to all regulatory, statutory and monetary restrictions.