Airtel Africa appoints JP Morgan, Citigroup, Absa, Barclays, 4 other global banks to work on IPO

The global banks are JP Morgan, Citigroup Inc, BofA Merrill Lynch, Absa Group Limited, Barclays Bank PLC, BNP Paribas, Goldman Sachs International and Standard Bank Group Ltd.

A customer walks pass an Airtel store in Nigeria

The global banks are JP Morgan, Citigroup Inc, BofA Merrill Lynch, Absa Group Limited, Barclays BankPlc, BNP Paribas, Goldman Sachs International and Standard Bank Group Ltd.

In a statement released late October, the telecom firm said the initial public offering will be used to further reduce its $5 billion existing debt and grow the continent’s market.

It also stated that the present transaction will not involve any sale of shares by existing shareholders. Last month, Airtel also raised a $1.25 billion from six global investors including SoftBank Group International, Warburg Pincus LLC and Temasek Holdings (Private) Ltd, Temasek and Singtel.

The company is raising money to settle its existing debt, boost network capacity and expand coverage in different markets.

Raghunath Mandava, MD and CEO, Africa, Bharti Airtel had expressed confidence in Airtel's business strategy and its potential to sustain growth and profitability.

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