Airtel Africa has confirmed its intention to float on the main market of the London Stock Exchange.
Africa’s second-largest mobile operator said it aims to raise US$750mln in gross proceeds, which will be used to help pay down debt.
READ: Airtel Africa mulls London stock market listing
The group will freely float at least 25% of its shares while up to a further 15% will be made available under an overallotment option.
Airtel added that the exact number of shares to be sold and the indicative price range of the offer will be determined in “due course”.
The company, which operates a telecoms and mobile money business across 14 African countries, revealed it was mulling an initial public offering last week.
The move was widely expected after it raised US$1.25bn in an initial round of pre-IPO funding in October and a further US$200mln in January.
JP Morgan will be the sole sponsor of the IPO.
Citigroup, BofA Merrill Lynch and JP Morgan will act as joint global co-ordinators and joint bookrunners.
Absa Group, Barclays, BNP Paribas, Goldman Sachs, HSBC and The Standard Bank of South Africa Limited will act as joint bookrunners.
In the year to the end of March 2019, Airtel generated revenue of about US$3bn and underlying earnings (EBITDA) of US$1.3bn.