Airtel Africa appoints global banks for IPO

Airtel Africa, a subsidiary of Bharti Airtel today announced the appointment of global banks for an intended IPO on an international stock exchange. 
The banks appointed are JP Morgan, Citigroup, BofA Merrill Lynch, Absa Group Barclays Bank, BNP Paribas, Goldman Sachs International and Standard Bank Group.
This follows the recent subscription of shares in Airtel Africa by six leading global investors comprising of Warburg Pincus, Temasek, Singtel, SoftBank Group International and others for an aggregate consideration of $1.25 billion. 
Earlier this month, Airtel Africa also announced its newly constituted Board that includes representatives from Bharti Airtel and the investors.
As reported in the October 2018 Quarterly Report, during the second quarter ending 30 September 2018, Airtel Africa’s revenues grew in constant currency by 10.8% Y-o-Y, led by growth in data and Airtel money transactions. Mobile data traffic expanded by 53% to 89 Bn MBs Y-o-Y. While data customer base increased by 32.1% to 27.1 Mn, Airtel Money customer base increased to 12.9 Mn, boosting the total transaction value on Airtel Money platform by 31% to $ 6.3 billion. The company also witnessed an improvement of EBITDA margin by 3.9% Y-o-Y to 37.1%.
Airtel Africa is a pan-African telecommunications company with operations in 14 countries across Africa. Airtel Africa is driven by the vision of providing affordable and innovative mobile services to all, and is supported in pursuing this vision by its largest shareholder, Bharti Airtel. Its product offerings include 2G, 3G and 4G wireless voice and data services and mobile commerce through ‘Airtel Money’.

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