Airtel Money Targets $700 Million IPO in London, Set for City's Biggest Listing in Five Years
What Happened
Airtel Money, the mobile payments arm of Airtel Africa, is aiming to raise about $700 million (£529 million) through a London stock market listing. Existing investors, including Qatar Investment Authority and Mastercard, are selling shares at £1.96 apiece, valuing the company at around £5.3 billion ($7 billion). The listing is expected to be London's largest IPO in five years and trading began on October 9.
Key Takeaways
The IPO is a major test for London's ability to attract large international listings. While the valuation is below earlier expectations of $8-9 billion, a successful debut could boost confidence in both the London market and African fintech companies.