Key facts
- Airtel Money is targeting a valuation of £5.3 billion in its London IPO.
- The company plans to raise approximately $800 million (£601 million) from the offering.
- Airtel Money will begin conditional trading on October 9, with unconditional trading starting October 14.
- Existing shareholders will sell shares worth around £529 million, with an option for an additional £27 million.
- International Finance Corp will buy up to £67.2 million of shares.
- Airtel Money serves about 53 million people across Africa.
Airtel Money, the mobile payments subsidiary of Airtel Africa, is preparing for its initial public offering on the London Stock Exchange, aiming for a valuation of approximately £5.3 billion. This listing is poised to be the largest in London in five years and is seen as a significant boost for the city's financial market, which has experienced a drought of new listings. The company intends to raise around $800 million (£601 million) through the IPO, with conditional trading set to commence on October 9 and unconditional trading on October 14.
Existing shareholders are expected to sell shares valued at approximately £529 million, with the possibility of an additional £27 million if an over-allotment option is exercised. International Finance Corp has committed to a cornerstone investment, agreeing to purchase up to £67.2 million of shares at the offer price. Airtel Africa, the majority shareholder, plans to retain its stake to support Airtel Money's future growth as an independent entity.
Airtel Money serves around 53 million users across Africa, offering services such as digital wallets for money transfers, bill payments, cash withdrawals, loans, and savings accounts. In the last financial year, the company generated revenues of approximately $1.4 billion (£1.1 billion). This IPO marks a significant step for the company, potentially being the first large African fintech to list on a global stock exchange.