One of the bookrunners handling the dual initial public offering of Bharti Airtel Africa B.V. said it has received about $200 million in pre-listing orders.
Airtel Africa, is Africa’s second largest mobile carrier after South Africa’s MTN Group Limited. The company said it is planning to raise up to $1 billion via an IPO on the London Stock Exchange and the Nigerian Stock Exchange, NSE.
However, the Nigerian IPO has will not be available to retail investors but institutional investors as well as selected high networth individuals who meet certain criteria set by the bookrunners.
There are major concerns to be raised on the Airtel dual listing. The company disclosed that it will be using the raised funds to reduce it’s debt levels. In the last three years, Airtel has been selling off several towers, units and assets in non-performing markets.