Airtel Money plans UK IPO that may rank as biggest in five years
The mobile payments company is set to have a market value of £5.3 billion
[LONDON] Airtel Mobile Commerce is looking to raise £529 million (US$702 million) for its shareholders in what could be London’s biggest initial public offering in five years.
Existing investors including the Qatar Investment Authority and Mastercard are offering 270 million shares at a fixed price of £1.96, according to terms of the deal seen by Bloomberg. The mobile payments company, known as Airtel Money, is set to have a market value of £5.3 billion.
Bharti Airtel International may sell an additional 27 million shares through an over-allotment option after the stock starts trading on the London Stock Exchange on Oct 9. Airtel Money is expected to be eligible for inclusion in FTSE UK indexes.
Airtel Money’s offering is set to be the biggest test for London’s stock market since IPO volumes plummeted after a pandemic-era boom. A successful debut could bring new impetus to London’s IPO market and test the city’s efforts to attract international listings.
Airtel Money operates a range of branches and kiosks across Africa that are used to pay utility bills, arrange microloans and buy goods, according to its website. It processed US$213 billion in the twelve months through June, with about 53 million monthly active users, the company said in the statement.
Companies including Spanish miner Abenojar Tungsten, US-based cybersecurity group AlgoSec and Uzbek logistics group Centrum Holding are preparing for potential London IPOs.
Citigroup, Bank of America, Barclays, Goldman Sachs and JPMorgan Chase & Co are arranging Airtel Money’s offering. BLOOMBERG
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