Airtel Money Prices London IPO at $7.02 Billion Valuation

Dubai-based Airtel Money has priced its initial public offering at £1.96 ($2.60) per share, implying an estimated market capitalisation of £5.3 billion ($7.02 billion).

The mobile money arm of Airtel Africa is preparing to list its shares on the Main Market of the London Stock Exchange, with admission expected by October 14.

Airtel Money IPO Details

Under the offer, certain existing shareholders are expected to sell 270 million Airtel Money shares. An additional 27 million existing shares could be sold if the overallotment option is fully exercised.

Airtel Money expects around 16.5% of its issued ordinary share capital to be held by public investors at admission. That figure could rise to approximately 17.5% if the maximum number of additional shares is sold.

Meanwhile, the International Finance Corporation has agreed to purchase up to £67.2 million ($90 million) of shares at the final offer price under a cornerstone investment agreement.

UAE Remains Central to Operations

The UAE continues to play a central role in Airtel Money’s pan-African operations, with senior leadership members and key functions based in the Emirates.

Abu Dhabi-based Lunate holds an approximately 2% equity stake, while the Qatar Investment Authority holds around 8%.

Airtel Africa currently owns 77.85% of Airtel Money and expects to remain a long-term shareholder following the London listing.

Citigroup Global Markets is serving as the sole sponsor, lead-left global coordinator and joint bookrunner. Barclays, Bank of America Securities, Goldman Sachs, and JPMorgan are among the joint global coordinators and joint bookrunners for the offering.