Airtel selects UBS, JP Morgan, and Citi to manage IPO of its Africa business
Bharti Airtel, the India telecommunications firm, has announced the selection of UBS Group, JP Morgan, and Citi to coordinate the company’s initial public offering (IPO).
The firm announced earlier this year in February its intentions to list the holding company for its operations in Africa.
Airtel Africa is targeting the London Stock Exchange for its listing, following a non-binding exploratory discussion regarding international IPOs.
Although the company has not revealed details about the listing or a valuation of its Africa operations, the unit reflects 25% of the firm’s revenue. Airtel has a market value of US$20bn.
The firm’s African operations cover 14 nations on the continent – Chad, Republic of Congo, the Democratic Republic of Congo, Gabon, Kenya, Madagascar, Malawi, Niger, Nigeria, Rwanda, Seychelles, Tanzania, Uganda, and Zambia.