LONDON, Oct 2 – Airtel Mobile Commerce N.V., the parent company of Airtel Money, has priced its planned initial public offering at £1.96 per share, implying an estimated market capitalisation of approximately £5.3 billion ($7 billion), based on the offer price and the company’s issued share capital.
The offer price was announced on October 1, following Airtel Money’s September 23 confirmation that it intends to pursue a listing on the Main Market of the London Stock Exchange.
Admission is currently expected on October 14, 2026, with conditional trading scheduled to begin on October 9. Unconditional dealings are expected to commence at 8:00 a.m. London time on October 14.
Under the offering, certain existing shareholders are expected to sell 270 million shares, with a further 27 million shares potentially available if the over-allotment option is exercised in full.
Airtel Africa is not expected to sell shares in the offering except through the over-allotment option. The telecommunications group intends to remain a long-term strategic shareholder and support Airtel Money as it transitions into an independently listed business.
The International Finance Corporation (IFC) has also committed to participate in the offering, agreeing to purchase up to £67.2 million, or approximately $90 million, of shares from existing shareholders at the IPO price.
Based on current indications from existing shareholders, approximately 16.5% of Airtel Money’s issued ordinary share capital is expected to be held by the public if the over-allotment option is not exercised. The proportion could rise to approximately 17.5% if the full additional allocation is sold.
London Listing and Investor Access
Airtel Money expects to publish its prospectus on October 1, providing further details on the offering and the company’s proposed admission to the London market.
The institutional offer is scheduled to close at 2:00 p.m. London time on October 8, while the UK retail offer is expected to close at 5:00 p.m. on the same day.
The retail offering is restricted to investors who are resident and physically present in the United Kingdom and will be available through participating investment platforms, retail brokers and wealth managers. The minimum application is £250.
Airtel Money said the anticipated free float is expected to make the company eligible for inclusion in the FTSE UK indices.
Airtel Africa to Retain Strategic Role
Following the listing, Airtel Africa is expected to remain a strategic shareholder as Airtel Money pursues its next phase of expansion as a separately listed company.
The transaction also includes lock-up arrangements. Airtel Money will be subject to a 180-day lock-up following admission, while directors will face 365-day restrictions and existing shareholders will generally be subject to 180-day lock-ups, subject to specified exceptions.
The IPO is being coordinated by a group of international investment banks, with Citigroup Global Markets Limited serving as sole sponsor, lead-left global coordinator and joint bookrunner.
The offering will also include participation from qualified institutional buyers in the United States under Rule 144A, while eligible institutional investors in the UK and other markets outside the US will participate under Regulation S.
The planned London listing will give Airtel Money a standalone public-market presence as the mobile money business continues to expand across Airtel Africa’s operating markets.
