Goldman, Temasek to part-exit Bharti Infratel via $1b IPO

Bharti Infratel, which is also backed by KKR, India Equity Partners, Axa Private Equity, Macquarie Group, Citigroup, Investment Corporation of Dubai and AIF Capital, could raise almost $1 billion in what some sources are expecting will be India's largest IPO in more than two years.

The listing is forecast to take place in January, and will see 10% of the overall share capital for sale - with new shares issued by the company constituting three-quarters of the shares on offer.

Goldman Sachs will divest through its GS Strategic Investments arm, while Temasek will offload shares through its Compassvale Investments unit.

Bharti Airtel, which owns 86% of the tower arm, is not selling any shares and will hold a stake of about 79.4% following the IPO.

KKR purchased a 2.5% stake in the company in 2008, paying $250 million. Axa Private Equity took a minority stake as part of the same transaction.

Earlier this year, Bharti Infratel became one of the latest additions to KKR's green portfolio program, which is designed to identify opportunities to improve companies' financial and environmental performance.

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• Topics
• Exits
• South Asia
• Infrastructure
• Infrastructure India
• Goldman Sachs
• Temasek Holdings
• Nomura Principal Finance
• IPO