Airtel Money, the fintech arm of Airtel Africa operating from Dubai, is preparing to sell at least 10% of its shares in a secondary offering and list on the London Stock Exchange (LSE).
This move marks a significant step for the company, which opted for London over potential listings in the Middle East, mainland Europe or North America citing deep capital availability and understanding of emerging-market fintech among London’s global institutional investors.
Airtel Money’s Presence
The decision is also influenced by the current geopolitical landscape, with disruptions this year prompting a strategic pivot.
Airtel Money, which is a subsidiary of Airtel Mobile Commerce (AMC), operates across 14 countries in Africa, including significant markets like Nigeria and Kenya.
The company reported a net profit of $350M for the year ending 31 March: a substantial increase from $211M the previous year.
AMC Ownership
AMC is primarily held by India’s Bharti Airtel, which owns 78%, with other minority shareholders including Mastercard and TPG.
While the details regarding the specific minority shareholders selling their stakes in the offering remain undisclosed, the sale is being supported by joint bookrunners including Emirates NBD Capital and First Abu Dhabi Bank.
The share prospectus is expected to be published shortly, with the aim of a listing on the LSE in October.
Airtel Africa’s mobile revenue reached $404M in the quarter ending 30 June, reflecting a 39% YoY increase.
Simultaneously, the mobile money subscriber base expanded by 23% to 56.5M, and the average revenue per user rose by 4%. Mobile money now constitutes 22% of the company’s quarterly revenue, underscoring its growing importance in Airtel Africa’s business strategy.
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