Airtel Money, a mobile payments firm, is set to debut on the London Stock Exchange in what could be the city’s largest IPO since 2021. The company raised £529 million ($700 million) by selling 270 million shares at £1.96 each, valuing it at approximately £5.3 billion. Existing shareholders Qatar Investment Authority and TPG Inc. participated in the offering, while Airtel Africa Plc and Mastercard Inc. may sell additional shares through an overallotment option.
The listing under ticker 'AMC' comes amid a prolonged drought of first-time share sales in London, now entering its sixth year. CEO Ian Ferrao called the event a landmark moment, highlighting the company’s growth across Africa and its significant market opportunity. To attract investors, Airtel Money lowered its valuation expectations twice and priced shares at a fixed rate rather than a range.
The fintech processed $213 billion in transactions over the past year and boasts 53 million monthly active users. Its success could signal renewed confidence in London’s capital markets. The LSE has recently introduced reforms to attract international listings, including a new segment for secondary offerings and easier access to FTSE indexes.
Citigroup, Bank of America, Barclays, Goldman Sachs, and JPMorgan are arranging the offering.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing