Nigeria‘s largest airline Arik Air plans to raise as much as $1bn through a private share placement next year and then a possible initial public offering (IPO) in Lagos and London, its managing director said.
The airline wants to expand internationally both to bring in more hard currency, as well as to cushion the impact of the economic slowdown at home, and wants new investors to help it grow rather than using internally generated cash or debt.
“What we plan to do is first a private placement which will bring in a few new shareholders, then one year or 18 months down the line we can do an initial public offer,” Chris Ndulue told Reuters in an interview.
He said Arik Air, which was founded a decade ago and is now west Africa’s biggest carrier by passenger numbers, had appointed advisers for the share placement and potential IPO in Lagos, with a secondary listing in London.
Read more: Nigeria’s Arik plans $1bn share offer, possible London listing | West Africa
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