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Bharti Airtel files for $1bn tower unit IPO

17 сентября 2012

Bharti Infratel Ltd., the mobile tower unit of Bharti Airtel Ltd., is planning a $1 billion initial public offering in India by December, two people with direct knowledge of the matter said Friday, adding that the company will likely begin gauging investor interest in a premarketing process beginning Monday.

Bharti Infratel filed a draft prospectus with India's market regulator Friday for the offering, which could be the country's biggest since Coal India Ltd.'s $3.43 billion IPO in November 2010 and the $878 million IPO of Ramky Infrastructure Ltd. in October of the same year, Dealogic data showed.

Bharti Airtel, India's largest mobile phone services company by revenue and users, is likely looking to benefit from a recent improvement in sentiment toward Asia's primary markets and an upturn in Indian stocks.

 A few successful IPOs in Malaysia as well as top-end pricing for Japan Airlines Co.'s $8.5 billion IPO--the world's second-biggest this year after Facebook Inc.'s $16 billion offering in May--signal a possible revival in Asia's IPO markets, which have seen deals scrapped earlier this year as investors shied away from new stocks.

India's Reliance Communications Ltd. in July pulled the listing of its undersea cable assets in Singapore, citing poor market conditions.

In India, the primary market has been muted with local issuers having raised just $270 million so far this year, Dealogic data showed. This came after the Indian federal government in March introduced controversial proposals seeking to tax foreign investments.

India's share benchmark, the Bombay Stock Exchange's Sensitive Index, has risen just 5% since then.

The government has, however, sought to revisit some of the proposals and issue clarifications to revive foreign investor confidence.

On Friday, it announced a slew of measures easing foreign investment limits in India's retail, broadcast and airline sectors. And on Thursday, it cut subsidies on diesel.

Bharti Infratel will issue fresh equity shares and an offer for sale portion by existing investors Compassvale Investments Pte. Ltd., GS Strategic Investments Ltd., Anadale Ltd. and Nomura Asia Investment Pte. Ltd., Bharti Airtel said in a filing with Indian exchanges.

Bharti Infratel said it is proposing a public offering of 188.9 million equity shares -- or a 10% stake -- with a face value of 10 rupees each. A total of 146.23 million shares will be issued fresh while 42.67 million shares will be sold by existing investors.

Bharti Airtel directors won't participate in the offering, the statement added.

Bharti Infratel has more than 30,000 towers and also owns a 42% stake in Indus Towers Ltd., a three-way venture with the Indian unit of Vodafone Group PLC and Idea Cellular Ltd.

The issue's joint global coordinators and book-running lead managers are Standard Chartered PLC, Bank of America Merrill Lynch, JPMorgan Chase & Co. and UBS AG, Bharti Airtel said in a press release.

The book-running lead managers are Barclays PLC, Deutsche Bank AG, ENAM Securities Pvt. Ltd., HSBC Holdings PLC, Kotak Mahindra Capital Co.

The co-book-running lead managers are BNP Paribas S.A., DBS Group Holdings Ltd., HDFC Bank Ltd. and ICICI Bank Ltd.


Источник: Total Telecom

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