Airtel Malawi’s Initial Public Offering (IPO) was overly subscribed by 34%, which amounts to about K92 million worth of shares which are to be refunded to investors this week.

According to Airtel Malawi plc managing director Charles Kamoto the oversubscription shows a vote of confidence from the investing public, as the IPO saw about 8 000 retail subscribers, 42 institutional investors and over three million foreigners participating to buy the company’s 20 percent stake on offer.

The planned listing of Airtel Malawi plc on MSE on February 24, is in line with the provisions of the Communications Act that provides for a 20 percent share ownership for local citizens in telecommunications firms. The results of the IPO were announced on Friday, in which 2.2 billion shares were on offer to the public at K12.69 per share through an offer for sale of 1.6 billion shares, representing 15% and an over allotment of 550 million shares.