MedView Air Confirms They Would Hold IPO In 3 Months

Newly listed company on the Nigerian Stock Exchange (NSE), Medview Air will be having an Initial Public Offer (IPO) in three months time. 

MD/CEO of the airline, Alhaji Muneer Bankole disclosed this to journalists recently. The company also intends to buy more aircraft and expand its routes across West Africa in the nearest future.

Medview listed 9.7 billion shares at 1.50 naira per share on the 31st of January 2017. Making it the first listing of the year. The share remains at its listing price of 1.50 naira. An IPO is the first sale of shares to members of the public. The IPO, if executed will also make history as the first IPO on the exchange in over two years.

The aviation sector in Nigeria, has of recent being in the news with Arik Aiir and OAS helicopters taken over by the Asset Management Company of Nigeria (AMCON) due to multibillion naira debts. AMCON had previously taken over Aerocontractors.

The aviation sector is hamstrung by difficulties in accessing foreign exchange, which is key for several aspects of its operations. The recession has also led to a drop of passengers flying in the country.