Airtel looking to raise up to $1 billion with LSE listing of African unit

NEW DELHI: Bharti Airtel Ltd has sought approval of the UK financial regulator for an initial public offering of its African unit in London as it seeks to cut debt and expand its network.

Airtel Africa Ltd, the continent’s second-largest mobile operator, is aiming to raise around $1 billion in a June equity offering, a person familiar with the development told Reuters.

In a filing made to the London Stock Exchange (LSE), Airtel Africa said it is also considering a listing on the Nigerian Stock Exchange. In London, Airtel Africa is looking to trade on the main market of LSE, using its premium listing segment.