Airtel Africa IPO ‘Registration Document’ Approved By U.K. Financial Conduct Authority
Airtel Africa, which is eyeing an over $1 billion initial public offering in London, has received approval for its registration document from the U.K. Financial Conduct Authority.
The registration document outlines the general details about the company and after the approval by U.K. FCA, the company also has to file a separate draft prospectus to the FCA for approval. It is the prospectus which will contain details of the Airtel Africa IPO, including the number of shares and issue price.
“Airtel Africa Ltd announces that a registration document relating to the company has received approval from the U.K. Financial Conduct Authority...,” Airtel Africa said on its website.
Sunil Mittal-led Bharti Airtel Ltd. plans to launch an over $1 billion Airtel Africa IPO in London to help reduce debt. The company is eyeing a June listing.
While the company has not divulged the amount it intends to raise from the proposed public offer, banking sources said it expects to raise over $1 billion.
Bharti Airtel plans to sell 25 percent of new shares in the Airtel Africa IPO and is looking to trade on the main market of the London Stock Exchange using its premium listing segment, the Indian telecom firm had said in a regulatory filing Tuesday.
Airtel Africa is also considering a listing in Nigeria, the firm had added.
Airtel Africa had last year raised $1.25 billion from six investors including Temasek Holdings Pte, SoftBank Group Corp. and Warburg Pincus LLC, giving it an equity valuation of about $4.4 billion.