Business Standard

Airtel Africa falls in London trading debut after raising $750 million

Airtel Africa sale is among the largest IPOs announced in 2019 in London.

Bharti Airtel

Airtel Africa's IPO success is important for Bharti Airtel, which plans to reduce its debts.

P R Sanjai | Bloomberg
Bharti Airtel Ltd.’s Africa unit fell in its London trading debut after raising about $750 million in an initial public offering to help the India-based wireless operator pare debt.

Airtel Africa Ltd. dropped 13% to 70 pence per share as of 8.13am in London, from an offer price of 80 pence a share, at the low end of the company’s range. The offer gave Airtel Africa a market capitalisation of about 3.1 billion pounds ($3.93 billion), according to a statement from the company on Friday.

The soft trading debut for the African carrier, the continent’s second-largest by subscribers, comes as parent Bharti

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First Published: Jun 28 2019 | 3:40 PM IST

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