Airtel Africa turns down reports of delay in IPO

Telecom major Bharti Airtel's subsidiary Airtel Africa on Monday said its preparations for an Initial Public Offering (IPO) are on track and there is no change in the planned schedule.

The statement comes after recent media reports said that the IPO process was likely to be delayed by around six months owing to the recent turmoil in the equity markets of emerging economies.

"We would like to categorically state that Airtel Africa IPO preparations are proceeding as per plan and there is no change in plans," Airtel Africa said in a statement.

Last week, the company had announced that six global investors including Warburg Pincus, Temasek, Singtel and SoftBank Group International have agreed to invest $1.25 billion in the company through a primary equity issuance.

The company had said that it intends to make an initial public offering (IPO) at an international stock exchange and use the proceeds for further reduction of debt. The transaction will not involve any sale of shares by existing shareholders, Bharti Airtel said.

(With inputs from agencies.)