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Airtel Money plans $800m IPO in London targeting $8bn to $9bn valuation
The mobile payments unit, which has 53 million monthly active users across 13 sub-Saharan African countries, said more IPO details will come in early October.
Airtel Money, the mobile money arm of Airtel Africa, plans to list separately in London after Airtel Africa’s FTSE 100 listing, aiming to raise about $800 million from its initial public offering, according to the Guardian Business.
The company is targeting a valuation of $8 billion to $9 billion, which would make it one of London’s largest listings in recent years, amid a period in which the UK market has seen a string of departures.
Airtel Money operates across 13 countries in sub-Saharan Africa, including Uganda, Zambia, and the Democratic Republic of Congo, and it said it has 53 million monthly active users.
In the last financial year, Airtel Money generated revenue of just under $1.4 billion, and its chief executive, Ian Ferrao, said the listing would give the business flexibility for the future; the company plans to publish more IPO information in early October, including the indicative price range and number of shares to be offered.
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