Bharti Airtel delays Africa unit’s listing
Mumbai — Bharti Airtel, India’s second-biggest wireless carrier, is delaying a planned initial public offering of its African unit due to the turmoil in emerging-market stocks, people with knowledge of the matter said. The company, which was originally aiming to list the unit in London by March, has pushed back the share sale by about half a year, according to the people. It plans to seek an enterprise value of about $8bn for the Africa business, the people said, asking not to be identified because the information is private. “Airtel Africa IPO preparations are proceeding as per plan and there is no change,” a representative for Bharti said in a statement Monday. A “new board is in place with new investor’s representatives and we remain very confident about the IPO process”.
Shares of Bharti fell 1.3% in Mumbai trading Monday. The benchmark S&P BSE Sensex index rose 2.2%. Singapore Telecommunications, which owns a stake in Bharti’s parent company, said in August that the listi...
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