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Airtel Africa looks to raise $750M in London IPO

Airtel Africa Ltd. has confirmed plans to list on the London Stock Exchange, and is looking to raise about $750 million.

The Bharti Airtel Ltd. unit plans to use the proceeds from the IPO to reduce its net debt. The number of shares to be sold and indicative price range will be announced in the coming weeks.

Airtel Africa also intends to have a free float of at least 25% of its issued share capital. Some pre-IPO investors are expected to contribute towards this.

In 2018, the telco raised $1.25 billion from six global investors, including SoftBank Group Corp., Warburg Pincus LLC and Temasek Holdings (Pte.) Ltd. The company also raised $200 million earlier in January from Qatar Investment Authority.

The company expects it will be eligible for inclusion in the FTSE UK indexes and is also looking into listing its shares on the Nigerian Stock Exchange.