Airtel Africa announces plan to list Airtel Money on London Stock Exchange

LAGOS — Airtel Africa Plc has disclosed plans for its mobile money arm, Airtel Mobile Commerce N.V., also known as Airtel Money, to pursue an Initial Public Offering, IPO, and listing on the London Stock Exchange.

The company made the disclosure in a statement issued by its Group Company Secretary, Simon O’Hara, and published on the Nigerian Exchange Limited, NGX.

Airtel Africa said the planned offering would be a secondary share sale involving existing Airtel Money shareholders. As a result, Airtel Money would not issue new shares or raise additional capital through the proposed transaction.

“The proposed IPO will involve the sale of existing Airtel Money shares held by current shareholders, meaning the company will not create new shares or raise new capital through the offering,” the statement said.

The company further explained that Airtel Africa currently beneficially owns 77.85 per cent of Airtel Money’s issued ordinary share capital.

It said Airtel Africa expects to retain its position as a long-term strategic shareholder after the proposed admission and support the mobile money business in its next stage of development as an independently listed company.

The statement also provided information on Airtel Money’s operations, strategy, financial performance, current trading position and outlook.

However, the company cautioned that the proposed IPO remains subject to change and there is no certainty that the transaction will be completed.

“Airtel Money may decide not to proceed, and there is no guarantee that a prospectus will be published, the IPO will be completed or the shares will be admitted to trading,” Airtel Africa stated.

The proposed transaction, therefore, remains dependent on further steps and approvals before any potential admission to trading on the London Stock Exchange.

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