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India’s Bharti prepares for its $5 billion African unit IPO in May

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Airtel Africa is planning to make a formal announcement about the London listing this month and aims to start trading in June, seeking an equity valuation of about $5 billion.

Sunday 05, May 2019

(Bloomberg) –India’s Bharti Airtel, is preparing to kick off the initial public offering (IPO) of its Africa unit in a deal that could raise about $1 billion.

The IPO could be one of the biggest in London this year. The exchange’s lacklustre domestic volumes are being boosted by emerging-market companies seeking a wider investor pool.

Abu Dhabi-based Finablr, the currency-exchange firm, is starting taking orders this week for a share sale that could raise as much as $677 million.

Additionally, Middle Eastern payments processor Network International Holdings raised GBP 1.1 billion ($1.4 billion) last month in the largest London IPO this year.

Valuation and the listing date are still under discussion, and final details could change depending on investor demand and market sentiment.

Bharti Airtel, backed by billionaire Sunil Mittal, has spent heavily to defend its position in India against disruptive upstart Reliance Jio Infocomm. The firm’s Africa unit raised $1.25 billion last year from investors including Temasek Holdings and SoftBank Group, giving it an equity value of about $4.4 billion.

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

 

TAGS : Bharti Airtel, Airtel, LSE IPO, Network International Holdings, Finablr

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