Airtel Africa Targets A Valuation Of Over $4.5bn In London IPO -Reports
The African continent’s second-largest mobile operator runs a telecoms and mobile money business throughout 14 African countries. It announced last month that it was ready to go ahead with a listing in an effort to cut down its debt levels.
Airtel Africa’s Chief Executive, Raghunath Mandava commented on the matter saying that Airtel Africa had worked hard to build itself into the second-largest mobile operator in Africa and that its clear strategy and efficient business model put the company in an excellent position to capture the growth opportunities across various markets, in data, voice and mobile money.
He said that the mobile operator’s leadership position, good track record and the exciting growth opportunities in the markets where it operates, have resulted in huge interest in its business.
The listing will see the company floating 595.2m-744m new shares. The telecoms group, which is under the ownership of Bharti Airtel of India, also revealed that it would be pursuing a Nigerian listing at the same time as the London IPO. At least 25 percent of its stock will be freely floated immediately after the IPO.
Shares are expected to start trading on June 28.
Credit: This article originated from www.ft.com