Airtel Africa targets $750 mn via IPO, eyes listing on London exchange

Telecom operator Bharti Airtel on Tuesday said its subsidiary Airtel Africa expects to raise at least $750 million (approx Rs 5,189 crore) through a public offer and subsequent listing on the London Stock Exchange.

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

It added that Airtel Africa intends to proceed with an initial public offering for admission and listing of its shares on the main market of London Stock Exchange (premium segment).

Additionally, Airtel Africa is also considering listing its shares on the Nigerian Stock Exchange.