New Delhi: Telecom czar Sunil Mittal-led Bharti Airtel’s Africa unit plans to launch over $1 billion (around Rs 6,970 crore) IPO in London to help reduce debt.
The firm plans to sell 25 pc of new shares of Airtel Africa in the proposed initial public offering (IPO) and is looking to trade on the main market of the London Stock Exchange using its premium listing segment, Bharti Airtel said.
It is also considering a listing in Nigeria, the firm added.
Airtel Africa last year raised $1.25 billion from six investors including Temasek Holdings Pte, SoftBank Group Corp and Warburg Pincus, giving it an equity value of about $4.4 billion.
While the company did not divulge the amount it intends to raise from the proposed public offer, banking sources said it expects to raise over $1 billion.
“In furtherance to our previous intimations in this regard, we wish to inform you that Airtel Africa, a subsidiary of the company, has announced its potential intention to undertake an initial public offering for listing its equity shares on London Stock Exchange…,” Bharti Airtel said.
It added that related documents have been submitted for approval to the UK Financial Conduct Authority.Airtel Africa which offers telecom services in 14 countries in Africa — plans to use the proceeds from issue of new shares, to reduce debt.
