Airtel Money, the mobile payments arm of Bharti Airtel International, has successfully priced its initial public offering (IPO) on the London Stock Exchange at £1.96 per share. This valuation places the fintech company at £5.3 billion, making it London's largest IPO in half a decade.
The offering aims to raise £529 million (£6,730 crore) for existing shareholders, with 270 million shares being sold by current investors, including the Qatar Investment Authority and Mastercard. Bharti Airtel International also holds an option to sell an additional 27 million shares once trading commences on October 9.
A Test for London's IPO Market
This significant listing represents a crucial test for London's stock market, which has seen a sharp decline in IPO volumes since a pandemic-era boom. A successful debut by Airtel Money could inject fresh momentum into the city's efforts to attract international listings and solidify its position as a global financial hub.
Other companies reportedly eyeing London listings include Spanish miner Abenojar Tungsten SA, US cybersecurity firm AlgoSec Inc., and Uzbek logistics group Centrum Holding LLC.
Airtel Money's African Operations
Operating across Africa, Airtel Mobile Commerce NV facilitates a wide range of financial services through its extensive network of branches and kiosks. These services include utility bill payments, microloans, and the purchase of goods, catering to a broad customer base.
The company reported processing $213 billion in transactions over the twelve months leading up to June, serving approximately 53 million monthly active users. This robust operational scale underscores its significant presence in the African fintech landscape.
Financial Backing and Index Inclusion
The IPO has been arranged by a consortium of major financial institutions, including Citigroup Inc., Bank of America Corp., Barclays Plc, Goldman Sachs Group Inc., and JPMorgan Chase & Co. Following its listing, Airtel Money is also expected to be eligible for inclusion in the prestigious FTSE UK indexes, further enhancing its market profile.