Airtel Africa is planning to raise about $37.5 million (27.92 billion Malawian Kwacha) through the initial public offering (IPO) of Airtel Malawi.

The company, which is a subsidiary of India-based Bharti Airtel, has set the price of the IPO at $0.021 (12.69 MK) per share.

According to a regulatory filing by Bharti Airtel, the offer will comprise 1.65 billion shares, representing 15 per cent of the issued share capital. An additional 55 million shares, representing 5 per cent of the issued share capital will be available subject to over-allotment option.

Airtel Africa has a presence in 14 countries across Africa. Airtel Malawi was set up in 2010 as a subsidiary of Airtel Africa.