Airtel Africa plans London share sale to help reduce debt

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Airtel Africa is also considering a listing in Nigeria.

Tuesday 28, May 2019

(Bloomberg) --The Africa unit of Bharti Airtel plans an initial public offering (IPO) in London to help reduce debt at the continent’s second-largest mobile carrier.

In a bourse filing, Airtel stated that the offer by the wireless carrier on the London Stock Exchange (LSE) would comprise new shares and the sale would seek a free float of at least 25 per cent.

The sale of shares to the public could raise about $1 billion and the listing could be this month and aims to start trading in June.

Airtel Africa raised $1.25 billion last year from investors including Temasek Holdings and SoftBank Group, giving it an equity value of about $4.4 billion.

JP Morgan Securities is sole sponsor for the planned sale, while BofA Merrill Lynch, Citigroup and JP Morgan are joint global coordinators and bookrunners.

The business has operations in 14 African markets including Kenya, Tanzania as well as Nigeria and Ghana.

TAGS : LSE, Bharti Airtel, Temasek Holdings, SoftBank Group

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