Airtel Money debuts on London Stock Exchange with $7B valuation
What's the story
Airtel Money, the digital financial services arm operating across Africa, has made its debut on the London Stock Exchange (LSE) with a valuation of £5.3 billion (nearly $7 billion). The company's shares began conditional trading under the ticker symbol "AMC" at 8:00am today. The admission to the Official List and commencement of unconditional trading is expected on October 14.
Offering specifics
IPO includes sale of existing shares by minority shareholders
The initial public offering (IPO) includes the sale of 270 million existing shares by minority shareholders. An additional 27 million shares are being offered by Mastercard Asia/Pacific PTE. LTD.
If the overallotment option is fully exercised, the total offer size will reach £582 million, accounting for about 11% of Airtel Money's share capital at admission.
Investment details
IFC allocated 34.28 million shares in the offer
The International Finance Corporation (IFC) has been allocated 34,285,714 shares in the offer for a total investment of £67.2 million.
This fulfills IFC's full commitment under the cornerstone investment agreement.
Airtel Money CEO Ian Ferrao said the listing marks a new chapter for its business as they continue to simplify financial services for millions across Africa.
Growth strategy
Listing to support Airtel Money's next phase of growth
Ferrao emphasized that as a listed company, Airtel Money will focus on building Africa's leading digital financial services platform and connecting more people and businesses to the formal financial system.
The listing is expected to support the company's next phase of growth as it aims to expand access to digital financial services and promote a more inclusive, digitally connected economy across Africa.