Bharti Airtel subsidiary Airtel Africa looking for USD 1 billion IPO

India’s second largest telecom operator (nearly 32 per cent market share) Bharti Airtel is looking to come with IPO of its subsidiary -- Airtel Africa, where it is eyeing over $1 billion initial public offer (IPO) in London. For this, it has received approval for its registration document from the UK Financial Conduct Authority (FCA). The registration document outlines the general details about the company and post its approval by the FCA, the company also has to file a separate draft prospectus with the FCA for approval.

The company is looking for fresh issue of around 25 per cent in Airtel Africa in the proposed IPO and is targeting to list on the main market of the London Stock Exchange using its premium listing segment. Further, it is also looking to list its share in Nigeria. The company operates in various African markets like Democratic Republic of the Congo, Kenya, Nigeria, Rwanda, Seychelles, Uganda Zambia etc.

The company’s consolidated total debt as on FY19 stood at Rs. 1,18,255.1 crore. This IPO would help Bharti Airtel to pare its debt.

In today’s trading session, the stock of Bharti Airtel on the NSE, which opened at Rs. 343.80, ended at Rs. 338.25, down by 2.13 per cent from the previous close.