Bharti Airtel picks banks for London IPO of Africa business: sources

London

INDIA'S biggest mobile carrier Bharti Airtel Ltd has chosen UBS, JP Morgan and Citi to coordinate the London initial public offering of its Africa business, two sources familiar with the matter said.

In February, Bharti Airtel Ltd said the holding company for its Africa operations was looking at a potential IPO. The appointment of banks for a London listing is a sign that the process is progressing.

Bharti Airtel and the banks declined to comment. The company has not given a timeframe for the listing to happen.

The sources declined to comment on the valuation of the Africa operations but the business represents just over a quarter of the revenue of the listed entity, which has a US$20 billion market capitalisation.

Bharti Airtel owns telecom assets in 14 African countries. REUTERS