Airtel Africa appoints international banks to oversee IPO

Bharti Airtel's African subsidiary, Airtel Africa, has appointed a number of international firms to work on its initial public offering (IPO) on an as yet unspecified international stock exchange.

Airtel has nominated Citigroup, Bank of America, JP Morgan, Barclays Bank, Goldman Sachs and BNP Paribas among the group of internationally renowned banks. 

"Airtel Africa Limited Monday announced the appointment of global banks for an intended IPO on an international stock exchange," the company said in a statement to the press. 

The move follows Airtel Africa's announcement last month, that it intended to raise $1.25 billion by means of a primary equity issuance.  

Airtel Africa has significant operations spread across the African continent, including operations in The Congo, Kenya, Malawi, Gabon, Madagascar, Niger, Rwanda, The Seychelles, Tanzania, Uganda and Zambia.  The company has over 78 million subscribers in Africa, spread across 14 separate countries, providing 2G, 3G and 4G services.  

The company has yet to specify how much money it expects to raise from the IPO or whether the money raised will be used to expand its regional reach or consolidate its position in the markets in which it already operates. 

In early October, Airtel Africa's parent company, Bharti Airtel, announced that it was planning to restructure around €1 billion of debt linked to its African operations. 

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