PRESS: Airtel Africa hires more banks for work on mobile money IPO
(Alliance News) - Airtel Africa PLC is hiring more investment banks for the planned London listing of its mobile money business, the Financial Times reported on Wednesday.
Airtel Africa shares were down 2.5% at 340.40 pence in London on Wednesday afternoon.
The London-based telecommunications company, which operates primarily in Africa, has received pitches from several banks looking to join the listing syndicate for Airtel Money, "people familiar with the matter" told the FT.
The outlet noted that Citi is leading work on a deal that could value the mobile money business at approximately USD10 billion, or GBP7.5 billion. That would make Airtel money the largest new London flotation since Wise, valued at almost GBP9 billion, in 2021.
The company had previously expected to list the unit in the first half of this year, but in May said it expected the IPO to occur in the second half.
Bloomberg, citing people familiar with the matter, had reported in April that London was the likely listing location for the unit and that a fundraise between USD1.5 billion and USD2 billion was eyed.
Citing people familiar with the plans, who claimed the IPO could raise around USD1.5 billion, the FT on Wednesday said Airtel's engagement with further London banks confirms the city as its preferred listing venue.
It added that representatives for Citi, Airtel Africa and Airtel Money declined to comment.
By Emma Curzon, Alliance News reporter
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