New Delhi: Airtel Africa, which is eyeing over USD 1 billion initial public offer in London, has received approval for its 'registration document' from the UK Financial Conduct Authority.
The 'registration document' outlines the general details about the company and post its approval by the Financial Conduct Authority (FCA), the company also has to file a separate draft prospectus to the FCA for approval. I
It is the prospectus which will contain details of the public offer including the number of shares, and issue price.
"Airtel Africa Ltd announces that a registration document relating to the company has received approval from the UK Financial Conduct Authority...," Airtel Africa said on its website.
Telecom czar Sunil Mittal-led Bharti Airtel's Africa unit plans to launch over USD 1 billion (around Rs 6,970 crore) IPO in London to help reduce debt. The company is eyeing a June listing.
While the company has not divulged the amount it intends to raise from the proposed public offer, banking sources said it expects to raise over USD 1 billion.
The firm plans to sell 25 per cent of new shares of Airtel Africa in the proposed initial public offering (IPO) and is looking to trade on the main market of the London Stock Exchange using its premium listing segment, Bharti Airtel had said in a regulatory filing Tuesday.
It is also considering a listing in Nigeria, the firm had added.
Airtel Africa, last year, raised USD 1.25 billion from six investors including Temasek Holdings Pte, SoftBank Group Corp and Warburg Pincus, giving it an equity value of about USD 4.4 billion.