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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
Адрес: 105082, Россия, г. Москва, 2-й Ирининский пер, д. 3
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