Airtel Africa plc confirmed on Tuesday that its mobile money subsidiary, Airtel Mobile Commerce N.V., is pursuing an initial public offering and seeking admission to the Main Market of the London Stock Exchange.
In a notice posted on NGX and seen by investogist, the proposed listing would see Airtel Money’s ordinary shares admitted to the equity shares (commercial companies) category of the Financial Conduct Authority’s Official List. Crucially, the offering is structured as a secondary sale existing Airtel Money shareholders would sell shares they already hold, meaning the company itself would not raise new capital through the transaction.
Airtel Africa, which currently holds a 77.85% beneficial stake in Airtel Money, said it intends to remain a long-term strategic shareholder following admission and will continue to support the unit “as an independently listed business.”
Further details on Airtel Money’s operations, strategy and financial performance, including current trading and outlook, are set out in the underlying announcement, published on Airtel Money’s website.
About the company
Airtel Africa operates telecommunications and mobile money services across 14 countries in sub-Saharan Africa, offering integrated voice, data and mobile money products to subscribers across its footprint.
The company cautioned that the IPO is not guaranteed to proceed, that no prospectus has yet been published.
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