London: Airtel Africa Ltd, a subsidiary of India's Bharti Airtel Ltd, said on Tuesday it was planning to float an initial public offering (IPO) on the London stock exchange. It had announced its plans to consider an IPO for its Africa business in February 2018. Bharti established its presence in Africa in 2010 when it bought Kuwait-based Zain’s Africa operations for $10.7 billion. In October 2017, Airtel also signed a deal with Millicom, which operates the Tigo brand, to combine their operations in Ghana. After that in October, the company said six investors, including Warburg Pincus, Temasek, Singtel and SoftBank Group International, would invest $1.25 billion through a primary equity issuance in Airtel Africa.

Source: Mint May 28, 2019 07:57 UTC