Airtel Africa plans Nigeria listing too

Telecom operator Bharti Airtel has said that its subsidiary Airtel Africa expects to raise at least $750 million (around ₹5,189 crore) through an initial public offering and subsequent listing on the London Stock Exchange.

Additionally, Airtel Africa is also considering listing its shares on the Nigerian Stock Exchange, the company said in a regulatory filing.

Airtel Africa, last year had raised $1.25 billion from six investors including Temasek Holdings Pte, SoftBank Group Corp and Warburg Pincus, giving it an equity value of about $4.4 billion, which is currently hovering around over $5.5 billion as per market watchers.

“The offer is targeted to raise $750 million (plus a primary green-shoe option of up to 15 per cent) and will be used to reduce the net debt,” Airtel said in the filing.