Airtel has finalised plans for the US$750mn IPO of a stake in its African business, with shares scheduled for conditional trading on the London Stock Exchange from 28 June
Airtel Africa has stated that the shares would be priced between 80 pence to 100 pence each, equivalent to a valuation of between US$3.7bn and US$4.5bn for the entire business. The full trading of its shares is expected to begin on 3 July.
According to the company, the IPO will see 25 per cent of the company’s shares up for retail sale as well as pre-IPO investors, after which the company will be eligible for inclusion in the FTSE UK indices.
It is also planning to list on the Nigerian stock exchange, subject to receiving appropriate approvals.
The company, owned by Indian telecommunications giant Bharti Airtel, operates a telecommunications and mobile money business across 14 African countries, primarily throughout East, Central and West Africa.
Airtel Africa CEO Raghunath Mandava said: “We have built Airtel Africa into the second largest mobile operator in Africa and our clear strategy and efficient business model make us well positioned to capture the growth opportunities across our markets, in voice, data and mobile money.”
“Our leadership position, positive track record and the exciting growth opportunities in the markets where we operate, have resulted in significant interest in our business,” he added.
The company has appointed JP Morgan, Citigroup Inc, BofA Merrill Lynch, Absa Group Limited, Barclays Bank PLC, HSBC, BNP Paribas, Goldman Sachs International and Standard Bank Group Ltd as advisers.
