London: Airtel Africa Ltd, a subsidiary of India’s Bharti Airtel Ltd, stated on Tuesday it was making plans to go with the flow an preliminary public offering (IPO) on the London inventory alternate. In a announcement o the Bombay Stock Exchange, the business enterprise stated it had submitted the predicted e-book of the registration record to the United Kingdom Financial Conduct Authority.
It had announced its plans to don’t forget an IPO for its Africa commercial enterprise in February 2018.
Airtel Africa, the holding firm for Bharti Airtel’s operations in 14 international locations within the continent, has 99 million customers throughout 3 areas—Nigeria; East Africa, comprising Kenya, Uganda, Rwanda, Tanzania, Malawi and Zambia; and the relaxation of Africa, which accommodates Niger, Gabon, Chad, Congo Brazzaville, the Democratic Republic of the Congo, Madagascar and Seychelles.
Nigeria by myself accounts for 1/2 of the business enterprise’s EBITDA and 40% of its total revenue.
Bharti hooked up its presence in Africa in 2010 when it bought Kuwait-based totally Zain’s Africa operations for $10.7 billion. Over the past few years, it has been trying to make bigger in Africa thru local deals and has made 3 small acquisitions in Uganda and Congo Brazzaville, except Kenya.
In October 2017, Airtel also signed a deal with Millicom, which operates the Tigo logo, to mix their operations in Ghana. In December that yr, Airtel’s Rwanda unit introduced the acquisition of Tigo Rwanda Ltd, making Airtel the second one-biggest telecom operator within the east African country.
In February 2018, it said it would bear in mind an IPO for the Africa business. After that during October, the agency stated six traders, including Warburg Pincus, Temasek, Singtel and SoftBank Group International, might make investments $1.25 billion via a primary fairness issuance in Airtel Africa. Qatar Investment Authority, the sovereign wealth fund of the state of Qatar, stated in January it’d invest $two hundred million inside the Africa arm.
As a end result of those fund increases, which have been used to carry down debt, the corporation’s internet debt fell to $4 billion inside the March area from $7.7 billion a year ago.
The business enterprise 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.