Airtel Africa, Bharti Airtel’s African business unit has appointed eight global banks to work on an intended initial public offering (IPO).
The banks appointed are J.P. Morgan, Citigroup, BofA Merrill Lynch, Absa Group Limited, Barclays Bank PLC, BNP Paribas, Goldman Sachs International, and Standard Bank Group, it said in an exchange filing.
Earlier this month, Airtel Africa also announced its newly-constituted board of directors that includes representatives from Bharti Airtel and the investors. “The new Board of Directors brings a wealth of industry and governance experience to further drive the Airtel Africa business,” the telecom operator said in the filing.
Last month the firm raised $1.25 billion (over Rs 9,200 crore) by issuing fresh shares to six global investors including Warburg Pincus, Temasek, Singtel, and SoftBank Group International.
In the latest quarter, Bharti Airtel has reported a 3.6% decline in its India revenues on year-on-year while the Africa revenues rose 10.8%. The revenue from Africa business rose to Rs 5,647.2 crore during September quarter from Rs 5,203 crore in the same period of the previous year.
Bharti Airtel is a global telecommunications company with operations in 17 countries across Asia and Africa.
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