Airtel Money sets £1.96 IPO price, targeting £5.3bn LSE listing Oct 14
Airtel Money set its IPO offer price at £1.96 per share, valuing the company at £5.3 billion ($7 billion). The prospectus was published on October 1, with institutional subscriptions closing at 2:00 p.m. London time on October 8 and the UK retail offer closing at 5:00 p.m. the same day. Conditional trading begins October 9, and unconditional dealings start at 8:00 a.m. London time on October 14 on the London Stock Exchange Main Market.
Under the offer, existing shareholders will sell 270 million shares, and an over‑allotment option could add another 27 million shares. The International Finance Corporation has committed to buy up to £67.2 million ($90 million) worth of shares. If the over‑allotment is not exercised, about 16.5% of Airtel Money’s shares will be in public hands, rising to roughly 17.5% if the full option is taken up. Retail investors must be resident and physically present in the UK, with a minimum application of £250.
Airtel Africa will remain a long‑term strategic shareholder, subject to a 180‑day lock‑up after listing; directors face a 365‑day lock‑up and existing shareholders a 180‑day lock‑up. The company expects the free float to qualify it for FTSE UK indices.
For West African users of Airtel Money in Nigeria, Ghana and elsewhere, the IPO could provide capital for service expansion and innovation. However, direct participation in the UK retail offer is limited to those physically in Britain. Will this listing bring better mobile money services to your country, or should you consider other fintech investment opportunities in Africa?