Airtel Money Debuts on the London Stock Exchange

Airtel Money is set to begin trading on the London Stock Exchange on Friday, potentially marking the largest IPO for the platform in five years.

Existing shareholders, including Qatar Investment Authority and TPG Inc., have offered 270 million shares at £1.96 each, raising approximately £529 million ($698 million). The deal values Airtel Mobile Commerce NV, as the company is formally known, at around £5.3 billion. The main owner Airtel Africa Plc and Mastercard Inc. may sell an additional 27 million shares through an overallotment option after debuting under the ticker “AMC.”

How the company trades will test London's efforts to revitalize capital markets. A strong first day would demonstrate that the city is fertile ground for IPOs; a debut below the offering price would send a negative signal and deter potential candidates. The exchange is experiencing a prolonged drought of listings, entering its sixth year. Airtel Money reduced its valuation expectations twice and opted for a fixed price instead of a range, yet the listing remains the largest in London since the peak of 2021, according to Bloomberg. Airtel Money operates a network of branches and kiosks across Africa, facilitating utility payments, microloans, and goods purchases. Over the 12 months to June, the company processed $213 billion with approximately 53 million monthly active users. The offering is organized by Citigroup, Bank of America, Barclays, Goldman Sachs, and JPMorgan.