NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Friday, June 7, 2019

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.