Tuesday, 18 June 2019

Airtel Africa eyes $750 million IPO in London

By Chris Kelly, Total Telecom
Tuesday 04 June 19

Airtel Africa has operations across the continent, including in Kenya, Nigeria and Rwanda

Indian telco, Bharti Airtel, has confirmed that its African subsidiary, Bharti Airtel, will raise $750 million at its forthcoming IPO in London. Airtel Africa is to proceed with the Initial Public Offering (IPO) on the London Stock Exchange later this month…

Indian telco, Bharti Airtel, has confirmed that its African subsidiary, Bharti Airtel, will raise $750 million at its forthcoming IPO in London. Airtel Africa is to proceed with the Initial Public Offering (IPO) on the London Stock Exchange later this month.

"The offer is targeted to raise $750 million (plus primary greenshoe option of up to 15 per cent) and will be used to reduce net debt," Bharti Airtel said in a regulatory filing.

Airtel Africa is also mulling the decision of whether to list its shares on the Nigerian Stock Exchange, according to reports in the press.

Airtel Africa provides voice and data services to consumers and enterprises in 14 countries across the continent, serving close to 100 million subscribers.

Airtel Africa's parent company, Bharti Airtel, is keen to reduce its debt levels and free up cash ahead of its planned 5G rollout in its home market of India. Bharti Airtel currently provides 2G, 3G and 4G mobile network services to 444 million customers across the world.

Also in the news

Reliance Jio slashes 5,000 jobs in India

Bharti Airtel kills low cost tariffs in bid to boost ARPU

RCom cancels asset sale to Jio

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