London Listing: Airtel Money Sets £1.96 Per Share for IPO
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, according to an official disclosure on the Nigerian Exchange.
Airtel Money announced the offer price on Thursday, October 1, following its September 23 confirmation of plans to undertake an IPO. The proposed public offer values the company at £5.3 billion, or $7 billion, upon its admission to the London Stock Exchange.
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 group said Airtel Money intends to apply for admission of its ordinary shares to the equity shares category of the Official List of the FCA.
Based on current indications received from Airtel Money’s existing shareholders, it is expected that approximately 16.5% of Airtel Money’s issued ordinary share capital will be held in public hands.
Airtel Money expects it would have a free float that would make it eligible for inclusion in the FTSE UK indices. 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 global coordinator and joint bookrunner.
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