Airtel Africa Seeks to Raise $750 Million in London IPO

Bharti Airtel's arm Airtel Africa has set a price range of 80-100 pence per share for its initial public offering (IPO) on the London Stock Exchange (LSE).

Airtel Africa in a regulatory filing at the LSE said that it expects the IPO to raise GBP 595 million ($749.05 million or roughly Rs. 5,200 crores) from the issuance of about 595.2 million to 744 million new shares.

"The price range for the offer has been set at 80 pence to 100 pence per ordinary share, implying a market capitalisation on admission of between GBP 3,007 million - GBP 3,623 million (approximately $3,788 million - $4,565 million) (excluding the Over-Allotment Option)," the company said.

The company also said that it aims to undertake a listing of its shares on the Nigerian Stock Exchange concurrently with the IPO on LSE, subject to approvals from the Nigerian Securities and Exchange Commission and the Nigerian Stock Exchange.

Final pricing is expected to be announced around June 28, with conditional dealings in the shares expected to commence on the London Stock Exchange at 8am the same day.

Admission of the company's shares is expected to occur and unconditional dealings in the shares on the LSE are expected to commence on or around July 3, it said.