Airtel Africa appoints JP Morgan, Goldman Sachs, Citigroup to work on IPO

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Airtel Africa operates in 14 nations throughout Africa the place it presents 2G, 3G and 4G cellular providers.

 PTI        Last Updated: November 26, 2018  | 13:55 IST

Bharti Airtel’s Africa enterprise arm Monday introduced the appointment of eight international banks together with JP Morgan, Citigroup and Goldman Sachs to work on its preliminary public supply plan.

Airtel Africa Limited Monday announced the appointment of global banks for an intended IPO on an international stock exchange. The banks appointed are JP Morgan, Citigroup, BofA Merrill Lynch, Absa Group Limited, Barclays Bank PLC, BNP Paribas, Goldman Sachs International and Standard Bank Group,” Bharti Airtel mentioned in a press release.

Airtel Africa operates in 14 nations throughout Africa the place it presents 2G, 3G and 4G cellular providers and cellular commerce by means of ‘Airtel Money’.

The growth comes after the current subscription of shares in Airtel Africa by six main international buyers comprising of Warburg Pincus, Temasek, Singtel, MushyBank Group International and others for an combination consideration of $1.25 billion.

The firm plans to utilise this fund to decrease debt of its Africa unit which stands at round $5 billion. Earlier this month, Airtel Africa additionally introduced its newly constituted Board of Directors that features representatives from Bharti Airtel and the buyers.

“The new Board of Directors brings a wealth of industry and governance experience to further drive the Airtel Africa business,” Airtel mentioned. Bharti Airtel reported 3.6 per cent decline in its India revenues on year-on-year whereas the Africa revenues rose 10.eight per cent.

The income from Africa enterprise rose to Rs 5,647.2 crore throughout September quarter from Rs 5,203 crore in the identical interval of the earlier 12 months.

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