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“Immediately following admission (in the London Stock Exchange), the company intends to have a free float of at least 25% of the company's issued share capital and expects that it would be eligible for inclusion in the FTSE UK indices,” the company saidin a release on Tuesday. “In addition, it is expected that up to a further 15% of the offer will be made available pursuant to the over-allotment option.”
People familiar with the matter said Bharti Airtel expects to raise over $1<\/span> billion from the initial public offer (IPO<\/a>), valuing the company at over $4<\/span> billion. Airtel has already raised $1.45<\/span> billion via pre-IPO placements to seven investors.
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Planning to List in Nigeria too.
This helped cut net debt in the Africa business to $4<\/span> billion at the end of March from $7.8<\/span> billion a year back, analysts said.
The company had initially expected to raise $1.25<\/span> billion from the IPO, experts said. In January, Airtel’s Africa unit raised $200<\/span> million by selling a stake of about 4.37% to Qatar Investment Authority at a valuation of $4.58<\/span> billion. Before that, it sold about 25% to six investors including Warburg Pincus, Temasek, Singtel and SoftBank Group International, raising $1.25<\/span> billion, valuing the company at $5<\/span> billion.
Following the aforementioned divestment stake sales, Bharti Airtel owns 68.31% in the Africa unit. Separately, ICIL, the Sunil Mittal family’s investment arm, holds a combined 9.88% stake, directly and indirectly.
Shares of Bharti Airtel, of which Singtel owns over 35% after the recent rights issue, ended 1.24% lower at Rs345.65 on BSE on Tuesday.
“Since first investing in Africa almost nine years ago, we have well leveraged our expertise in emerging markets to deliver on a clearly-defined strategy to build Airtel Africa<\/a> into a market-leading mobile service provider, increasingly expanding beyond voice into data services and Airtel Money,” Airtel Africa chairman Sunil Mittal said in the IPO document.
He added that recent investments will put Airtel Africa in a strong position to build its own capital market profile.
Bharti Airtel is also considering a plan to list the unit’s shares on the Nigerian Stock Exchange. “If the company decides to proceed with a listing on the Nigerian Stock Exchange, the earliest that will happen will be at the time of admission (to the London Stock Exchange),” it said.
The share sale plan follows Airtel Africa turning to profit for the first time more than a year ago. It posted a net profit of $83<\/span> million (Rs580 crore) for the March quarter, compared with a net loss of $49<\/span> million a year ago. Total revenue rose 6% to $781<\/span> million, though it fell from $783<\/span> million sequentially.
“Operating with an asset-light model, the company has improved financial performance, through sustainable revenue growth in voice, data and mobile money, significantly improved ebitda (earnings before interest, taxes, depreciation, and amortisation) margin with strong free cash flow generation,” said Raghunath Mandava, CEO of Airtel Africa. “Airtel Africa’s mobile payments business — Airtel Money — is the fastest growing business for the company.”
Bharti Airtel is facing pressure on revenue and profitability at home owing to intense competition triggered by the entry of Reliance Jio Infocomm. The company is trying to build a war chest to fund its 4G network expansion across the country. It has also been selling stakes in tower unit Bharti Infratel, and plans to sell another 32% in that company. It has also raised Rs 25,000 crore through a rights issue and Rs7,000 crore via a bond issue.
JPMorgan, Citigroup Inc, BofA Merrill Lynch, Absa Group Ltd, Barclays Bank Plc, HSBC, BNP Paribas, Goldman Sachs International and Standard Bank Group Ltd have been appointed as advisers.
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“入学后(在伦敦证券交易所),公司打算有一个自由浮动的至少25%的公司的已发行股本和预计,将有资格获得包含在英国富时指数,”该公司在周二发布。“此外,预计15%的报价将按照超额配售选择权。”
知情人士说,Bharti Airtel预计提高1美元从首次公开发行欧元(首次公开募股),公司市值4美元十亿。Airtel已经提高了1.45美元十亿通过上市前七个投资者配售。
计划在尼日利亚。
这有助于减少非洲业务的净债务4美元欧元在3月底7.8美元每年回来,分析师表示。
该公司最初将提高1.25美元十亿的IPO,专家说。今年1月,Airtel非洲单位提出200美元百万通过出售约4.37%的股份,卡塔尔投资局的估值4.58美元十亿。之前,出售约25%到六投资者包括美国华平投资集团,淡马锡,新加坡电信和软银集团国际,提高1.25美元十亿,公司市值5美元十亿。
上述剥离出售股份后,Bharti Airtel在非洲单位拥有68.31%。另外,ICIL,苏尼尔•米塔尔家族的投资机构,持有9.88%的股份,直接和间接地。
Bharti Airtel的股票,其中新加坡电信拥有超过35%后,最近的配股,截至周二在疯牛病Rs345.65低1.24%。
“第一次在非洲投资近九年来,我们利用我们的专业知识在新兴市场提供一个明确的策略Airtel非洲成为一个领先的移动服务提供商,日益扩大除了语音数据服务和旅馆的钱,“Airtel非洲主席苏尼尔•米塔尔表示,在IPO文件。
他补充说,近期将Airtel非洲的投资资本市场处于强势地位,建立自己的形象。
Bharti Airtel也在考虑一项计划,列出单位在尼日利亚证券交易所的股票。“如果公司决定继续在尼日利亚证券交易所上市,最早将在入学的时候会发生(伦敦证券交易所),”它说。
售股计划遵循Airtel非洲转向利润首次超过一年前。该公司公布净利润83美元百万(Rs580卢比),3季度净亏损49美元一年前百万。总营收增长了6%781美元百万,尽管它下跌783美元按顺序百万。
“轻资产运营模式,公司财务业绩有所提高,通过声音,可持续收入增长数据和移动货币,大大改善了息税前利润(利息、税项、折旧和摊销前利润)边缘产生的强大自由现金流,“说热心Mandava,首席执行官Airtel非洲。“Airtel非洲的移动支付业务——钱的旅馆,是增长最快的业务。”
Bharti Airtel正面临压力,收入和利润在家里由于激烈竞争引发的条目的依赖Jio Infocomm。该公司正试图建立一个战争基金来资助其4 g网络扩张。它也卖塔单元鼓吹他的股份,并计划在该公司另外32%出售。它还通过配股筹集到25000卢比,Rs7,000通过债券发行所得。
摩根大通、花旗集团、美国银行美林Absa Group Ltd .),巴克莱银行股价,汇丰银行、法国巴黎银行(BNP Paribas)、高盛(Goldman Sachs)国际标准银行集团有限公司被任命为顾问。
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