Airtel Money, the mobile money subsidiary of Airtel Africa, has announced its intention to proceed with an Initial Public Offering (IPO) and apply for admission to trading on the Main Market of the London Stock Exchange. This proposed IPO will be a secondary offering, meaning existing shareholders will sell shares, and no new capital will be raised by Airtel Money itself. Airtel Africa, which currently holds a 77.85% beneficial interest, expects to remain a long-term strategic shareholder after the listing.
This listing is anticipated to be a major boost for the London Stock Exchange, which has seen a decline in new listings in recent years. It is being described as the largest listing in London in five years, with a reported valuation of approximately £6 billion. Airtel Money operates across 14 African markets, providing telecommunications and mobile money services.
Reports indicate that the company aims to raise around $800 million through this IPO, a reduction from an earlier target of $1.5 billion to $2 billion that was reported in April. Airtel Africa is ultimately controlled by Bharti Enterprises, an Indian telecoms conglomerate led by billionaire Sunil Bharti Mittal.
