Airtel Mobile Commerce NV is planning a £529 million ($702 million) initial public offering in London that could mark the city's largest IPO in five years. The mobile payments firm, operating under the name Airtel Money, will offer 270 million shares at a fixed price of £1.96, with existing investors including the Qatar Investment Authority and Mastercard participating. The offering values Airtel Money at approximately £5.3 billion and is scheduled to begin trading on the London Stock Exchange on October 9.
Bharti Airtel International may sell an additional 27 million shares through an overallotment option, and the company is expected to qualify for inclusion in the FTSE UK indexes. With around 53 million monthly active users across Africa, Airtel Money processed $213 billion in transactions over the twelve months ending in June.
The IPO represents a significant test for London's struggling public market, which has seen IPO volumes decline sharply since the pandemic-era boom. A successful debut could revitalize investor confidence and encourage other companies, including Spanish miner Abenojar Tungsten, US-based cybersecurity firm Algo Sec, and Uzbek logistics group Centrum, to pursue London listings.
Citigroup, Bank of America, Barclays, Goldman Sachs, and JPMorgan Chase are managing the offering.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing