AIRTEL MONEY SETS £1.96 OFFER PRICE AHEAD OF LONDON LISTING

Airtel Money, the mobile payments business of Airtel Africa, has set a price of £1.96 per share ahead of its stock market debut in London, valuing the fintech at around £5.3 billion. Airtel Africa, already listed on the London Stock Exchange's FTSE 100 index, is seeking to list Airtel Money separately. Conditional dealing in Airtel Money shares is due to begin on October 9, with unconditional dealing following on October 14. Investors are set to sell 270 million shares in the offer.

The listing would be one of the biggest on the London Stock Exchange in recent years. Estimates of how much it will raise differ, with one report citing around 800 million US dollars (£601 million) and another around £529 million. Airtel Money had previously been reported to be seeking a valuation of between 8 billion and 9 billion US dollars. The International Finance Corporation has committed up to £67.2 million as a cornerstone investor, while the Qatar Investment Authority and Mastercard are also selling shares. Mastercard, which invested 100 million US dollars in the business in April 2021, holds a stake of just under four per cent.

Airtel Africa, majority-owned by Bharti Enterprises and controlled by Indian businessman Sunil Mittal, has said the float should leave Airtel Money with a free float large enough for inclusion in the FTSE indices. The company, described as Africa's third-largest wireless carrier, listed in London in July 2019, and Airtel Money has since grown to more than 50 million customers. The listing is expected to boost the London market after a period of fewer new listings and firms moving their listings abroad. Airtel Money's debut remains scheduled for October 14.