October 29, 2018 / 12:11 PM / 2 years ago

Airtel Africa says IPO plans on track

A billboard for telecommunications company Airtel is seen in Libreville, Gabon's capital, January 16, 2017. REUTERS/Mike Hutchings

(Reuters) - Airtel Africa Ltd, a subsidiary of India’s Bharti Airtel Ltd, on Monday said preparations for its initial public offering (IPO) are on track.

“The new board is in place with new investors’ representatives and we remain very confident about the IPO process,” Airtel Africa said, responding to media reports that had stated that the IPO would be delayed.

The telecom operator said last week that it raised $1.25 billion from six global investors including SoftBank Group Corp, Warburg Pincus LLC and Temasek Holdings (Private) Ltd.

Reporting by Chris Thomas in Bengaluru, Editing by Sherry Jacob-Phillips

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