Airtel Money hits London Stock Exchange! Why its £582 million listing matters

Conditional dealings in the company's shares on the LSE's Main Market for listed securities commenced at 8 am on October 9.

“Today is a landmark moment for Airtel Money. Our listing in London marks an important new chapter for our business and reflects what we have built across Africa and the significant opportunity ahead,” said Ian Ferrao, chief executive officer of Airtel Money.

“Airtel Money has grown by solving a very real need: making financial services simpler and more accessible for millions of people across the continent. The strong support we have received from investors is a vote of confidence in our business model, strategy and the long-term growth potential of African economies,” Ferrao added.

The offer comprises the sale of 270 million existing shares by the company's minority shareholders. In addition, up to 27 million shares are being made available by Mastercard Asia/Pacific Pte. Ltd. through an over-allotment option.

Assuming the option is exercised in full, the final offer size will amount to £582 million, representing approximately 11 per cent of the company's share capital at the time of admission.

“Immediately following admission, the company's issued share capital will be 2,700,000,000 shares,” the London Stock Exchange said in a statement.

The International Finance Corporation (IFC) has been allocated 34,285,714 shares in the offer, representing an aggregate consideration of £67.2 million.

The offer was made to qualified institutional buyers in the United States in reliance on Rule 144A under the US Securities Act of 1933, as amended, and to certain institutional investors in the United Kingdom and other jurisdictions outside the US under Regulation S of the Act, in accordance with applicable laws and regulations.

The offer was also extended to retail investors residing in and physically present in the United Kingdom through the partner network of Retail Book Limited, comprising investment platforms, retail brokers and wealth managers, subject to their participation in the offer.

Of the 270 million shares being sold in the offer, eight million shares will be allocated to retail investors through the retail offer.