Bharti Airtel's African arm to raise at least $750 million through IPO

Bharti Airtel on Tuesday said its Africa subsidiary Airtel Africa would raise at least $750 million (around Rs 5,189 crore) through an initial public offering (IPO). 

The IPO is expected to be listed on the London Stock Exchange and the Nigeria Stock Exchange this calendar year.

“The offer is targeted to raise $750 million (plus a primary greenshoe option of up to 15 per cent) and will be used to reduce net debt,” Bharti Airtel said in a regulatory filing.

The green shoe option is a special provision in the underwriting agreement that allows the underwriter to sell more shares to the investors