Airtel Africa Ltd, a step-down subsidiary of Bharti Airtel Ltd, had set itself up nicely for an initial public offering (IPO) on the London Stock Exchange. In all, it sold shares worth $1.45 billion at $1.485 apiece. In that backdrop, it wasn’t surprising that news reports suggested Airtel Africa is looking at raising $1 billion in the planned June IPO. Airtel Africa’s latest financials show that its profits haven’t deteriorated since the time it sold shares to pre-IPO investors. “The relatively lower pricing of Airtel Africa’s IPO reflects difficult market conditions for an IPO currently, besides an Africa discount," said another analyst at an institutional brokerage firm on condition of anonymity.
Source: Mint June 17, 2019 18:22 UTC