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Airtel Africa plans to raise US$1B in London IPO

Airtel Africa Ltd. is planning to list on the main market of the London Stock Exchange in an effort to broaden its data and mobile money services across the African continent, Reuters reported.

The telco, which operates in 14 African markets including the Democratic Republic of the Congo, Kenya, Nigeria, Rwanda, Seychelles, Uganda and Zambia, is planning to raise US$1 billion in a June equity offering, the news outlet noted, citing a source with knowledge of the matter.

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

Airtel Africa, a subsidiary of Bharti Airtel Ltd., is also looking to sell 25% of new shares in order to decrease its existing debts. The company is looking at a potential listing on the Nigerian Stock Exchange as well, according to the report.