Airtel Money Sets IPO Price at £1.96 Per Share, Valuing Company at £5.3 Billion

Airtel Money  has set the offer price for its planned initial public offering (IPO) at £1.96 per share, implying an estimated market capitalisation of £5.3 billion (about US$7 billion) when the company is admitted to trading on the London Stock Exchange.

Airtel Mobile Commerce N.V., the parent company of Airtel Money, announced the pricing on 1 October 2026, following its confirmation on 23 September that it intended to proceed with the IPO. The company expects its ordinary shares to be admitted to the equity shares category of the UK Financial Conduct Authority’s Official List and to trade on the Main Market of the London Stock Exchange.

Admission is currently expected on 14 October 2026, with unconditional trading scheduled to begin at 8:00 a.m. London time. Conditional trading is expected to commence by 9 October.

Under the offer, certain existing shareholders are expected to sell 270 million existing shares, while up to an additional 27 million shares may be sold if the over-allotment option is exercised. Airtel Africa is not expected to sell shares as part of the offer, except potentially through the over-allotment option, and intends to remain a long-term strategic shareholder in Airtel Money.

The International Finance Corporation (IFC) has also committed to participate in the IPO by purchasing up to £67.2 million (approximately US$90 million) worth of shares from existing shareholders at the offer price under a cornerstone investment agreement.

Airtel Money expects approximately 16.5% of its issued ordinary share capital to be held in public hands following the IPO, assuming the over-allotment option is not exercised. This would rise to about 17.5% if the maximum additional shares are sold. The company also expects its free float to make it eligible for inclusion in the FTSE UK indices.

The institutional offer will be available to qualified institutional buyers in the United States under Rule 144A and to certain institutional investors in the UK and other markets outside the US under Regulation S, subject to applicable laws. Institutional investors have until 2:00 p.m. London time on 8 October 2026 to submit indications of interest.

A separate retail offer will be available to retail investors who are resident and physically present in the UK through RetailBook’s participating investment platforms, brokers and wealth managers. The retail offer is expected to open after publication of the prospectus and will have a minimum application amount of £250, with applications closing at 5:00 p.m. London time on 8 October 2026.

The company, its directors and existing shareholders have agreed to lock-up arrangements restricting the disposal of shares following admission, subject to certain exceptions. Airtel Money will be subject to a 180-day lock-up, while directors will be subject to a 365-day period and existing shareholders to 180 days.

Airtel Money said further details of the IPO will be contained in its prospectus, which is expected to be published on 1 October. Citigroup Global Markets has been appointed Sole Sponsor, Lead Left Global Coordinator and Joint Bookrunner, alongside several banks appointed as joint global coordinators, joint bookrunners and co-bookrunner.