Bharti Airtel, India’s biggest mobile carrier, has chosen UBS, JP Morgan and Citi to coordinate the London initial public offering of its Africa business. Bharti Airtel noted in February that the holding company for its Africa operations was looking at a potential IPO. The appointment of banks for a London listing is a sign of progress.
Reuters reports that Sources said the company has not given a timeframe for the listing to happen. The Sources however declined to comment on the valuation of the Africa operations.
The Africa business represents just over a quarter of the revenue of the listed entity, which has a $20 billion market capitalization. Bharti Airtel owns telecom assets in 14 African countries. The African revenue was 201 billion Indian rupees ($2.80 billion) in the quarter ending June 2018 and earnings before interest, tax, depreciation and amortization (EBITDA) were 68 billion rupees.
The company posted a revenue of $3 billion with EBITDA in the quarter ending June 2018. Bharti Airtel has about 460 million customers around the world.