PE-backed Bharti Infratel set for IPO next month – report
Bharti Infratel, the Indian telecoms infrastructure subsidiary of Bharti Airtel, is expected to launch its $900 million IPO next month. The intended flotation – which has been mooted for more than a year – will be the country’s largest in two years after Coal India raised $3.43 billion in 2010.
According to market sources, the company will list 10% of its expanded share capital, or 188.9 million shares. Of these, 146.23 million will be fresh capital and the rest will be sold by existing investors. The IPO will value the company at as much as $9 billion.
Temasek Holdings, Goldman Sachs, hedge fund Eton Park Capital Management and Nomura are reportedly selling their stakes through the offering.
Bharti Infratel is likely to receive an approval from the Indian regulator as early as Friday, Reuters reported, citing sources with direct knowledge of the deal. The IPO would open for cornerstone investors on December 10 and for the public a day later. However, an official at the Securities and Exchange Board of India told The Wall Street Journal that no decision had been made regarding approval and timing.
Bharti Infratel - which is also backed by KKR, India Equity Partners, Axa Private Equity, Macquarie Group, Citigroup, Investment Corporation of Dubai and AIF Capital - owns over 34,000 telecom towers and has a 42% stake in Indus Towers, a joint venture with other telecom groups.
It is currently the largest mobile-phone-services company in India by revenue and users.
Bank of America Merrill Lynch, JPMorgan, Standard Chartered, Deutsche Bank, HSBC, UBS, Kotak Mahindra and Enam are advising Bharti Infratel on the IPO.
More on South Asia
Latest News
Asian GPs slow implementation of ESG policies - survey
Asia-based private equity firms are assigning more dedicated resources to environment, social, and governance (ESG) programmes, but policy changes have slowed in the past 12 months, in part due to concerns raised internally and by LPs, according to a...
Singapore fintech start-up LXA gets $10m seed round
New Enterprise Associates (NEA) has led a USD 10m seed round for Singapore’s LXA, a financial technology start-up launched by a former Asia senior executive at The Blackstone Group.
India's InCred announces $60m round, claims unicorn status
Indian non-bank lender InCred Financial Services said it has received INR 5bn (USD 60m) at a valuation of at least USD 1bn from unnamed investors including “a global private equity fund.”
Insight leads $50m round for Australia's Roller
Insight Partners has led a USD 50m round for Australia’s Roller, a venue management software provider specializing in family fun parks.