IPO process on schedule: Airtel Africa

Bharti Airtel Ltd’s Africa unit stated on Monday, plans for its initial public offering (IPO) are moving well on course.

Responding to the reports saying that there will be delay in the planned IPO of its Africa unit, the Telecom Operator cleared the doubts with its official statement: "We would like to categorically state that Airtel Africa IPO preparations are proceeding as per plan and there is no change.” The second largest wireless carrier of India also added that, “The new board is in place with new investors' representatives and we remain very confident about the IPO process.”

Bharti had stated last week that its African unit will be receiving USD 1.25 billion. The company stated that this boost will happen with the help of six global investors, including Warburg Pincus, Temasek, Singtel and SoftBank Group International, who have agreed to invest $1.25 billion through a primary equity issuance.