Airtel aims to raise USD750m through IPO

Indian telecoms group Bharti Airtel has confirmed that it will go ahead with the planned initial public offering (IPO) of its African division, Airtel Africa, on the London Stock Exchange (LSE). In a regulatory filing Airtel stated that it is aiming to raise USD750 million through the listing, plus a primary greenshoe option of up to 15%. The funds will be used to reduce the group’s debt. Airtel Africa operates in 14 markets across the continent, and generated turnover of USD3.08 billion in the year to end-March 2019, up from USD2.91 billion in the previous year. The company counted a total of 98.9 million mobile subscribers at that date, including 30.0 million data users, compared to 89.3 million and 24.9 million, respectively, in March 2018.