Airtel Money Sets IPO Price At £1.96 Per Share, Targets $7bn London Listing Valuation

Airtel Mobile Commerce N.V., the parent company of Airtel Money, has set the offer price for its planned initial public offering (IPO) at £1.96 per share, implying an estimated market capitalisation of £5.3 billion ($7 billion) upon its admission to the London Stock Exchange.

Airtel Money announced the offer price on Thursday, October 1, following its September 23 confirmation of plans to undertake an IPO.

The company said it intends to list its ordinary shares on the Main Market of the London Stock Exchange, with admission expected on October 14, 2026.

Conditional trading in the shares is expected to begin on October 9, ahead of the commencement of unconditional dealings at 8:00 a.m. London time on October 14.

Under the IPO, certain existing shareholders are expected to sell 270 million existing shares, while up to an additional 27 million shares could be sold if the over-allotment option is fully exercised.

Airtel Africa is not expected to sell existing shares in the offer, except under the over-allotment option. The company is expected to remain a long-term strategic shareholder and support Airtel Money’s growth as an independently listed business.

The International Finance Corporation (IFC) has also committed to participate in the offering, with plans to purchase up to £67.2 million ($90 million) worth of shares from existing shareholders at the offer price.

Based on current indications from existing shareholders, approximately 16.5% of Airtel Money’s issued ordinary share capital is expected to be held in public hands if the over-allotment option is not exercised. This could rise to approximately 17.5% if the maximum additional shares are sold.

Airtel Money expects to publish its prospectus on October 1, providing further details of the offering.

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. the same day.

The retail offer will be available only to investors resident and physically present in the UK through participating investment platforms, retail brokers and wealth managers. The minimum application amount is £250.

Airtel Money said its expected free float would make it eligible for inclusion in the FTSE UK indices.

Airtel Africa is expected to remain a long-term strategic shareholder following the listing and support Airtel Money’s next phase of growth as an independently listed company.

The company has agreed to lock-up arrangements in connection with the IPO. Airtel Money will be subject to a 180-day lock-up period from admission, while directors and existing shareholders will be subject to lock-ups of 365 days and 180 days, respectively, subject to certain exceptions.

The offering is being coordinated by international investment banks, with Citigroup Global Markets Limited acting as sole sponsor, lead left global coordinator and joint bookrunner.

Airtel Money said the offer includes participation by qualified institutional buyers in the United States under Rule 144A, while certain institutional investors in the UK and other jurisdictions outside the US will participate under Regulation S.

Airtel Africa has been preparing to separate and list its mobile money business as part of efforts to unlock value from Airtel Money.

The business reported $1.346 billion in revenue for the financial year ended March 2026, according to the information provided.