Airtel Africa to raise $750 million via IPO to reduce debt
Bharti Airtel’s African unit plans an initial public offer in London through which it targets to raise $750 million, that will be used to reduce the company’s net debt.
Bharti said the offer would comprise 25% new shares of Airtel Africa that will be listed on the London Stock Exchange and it expected pre-IPO investors to contribute.
“The company intends to have a free float of at least 25% of the company’s issued share capital and expects that it would be eligible for inclusion in the FTSE UK indices. Certain of the company’s pre-IPO, investors are expected to contribute towards the minimum 25% free float. In addition, it is expected that up to a further 15% of the offer will be made available pursuant to the over-allotment option,” the company said in a regulatory filing.
Photo courtesy of Fiona Graham.