Airtel Money, the fintech division of telecommunications company Airtel Africa, is preparing for a listing on the London Stock Exchange with an anticipated valuation of £5.3bn. This would represent one of the largest initial public offerings (IPOs) in London in recent years.
The offer involves investors selling 270m shares at a price of £1.96 per share. This is expected to raise approximately £529m. The International Finance Corporation has committed up to £67.2m as a cornerstone investor, with other investors including the Qatar Investment Authority and Mastercard also selling shares.
The projected valuation could enable Airtel Money to qualify for inclusion in the FTSE 100. The company has stated it expects to have a “free float that would make it eligible for inclusion” in the FTSE indices. Airtel Africa, majority-owned by Bharti Enterprises, previously listed in London in July 2019.