Airtel Money Plans London IPO Valued at About $9 Billion

Airtel Money plans to list on the London Stock Exchange’s Main Market, in a proposed flotation that could raise about £800 million and value the mobile payments business at around $9 billion. The offering is not complete: trading is expected in October, subject to regulatory approval and market conditions, and the final valuation and terms may change. Airtel Africa, which owns Airtel Money, has announced plans for the separate listing. Airtel Money operates in 14 African countries and provides mobile financial services, including payments and money transfers. Reports put its active-user base at more than 50 million, with estimates ranging up to 56 million; the figures differ and no common measurement date or definition is specified. The proposed fundraising is also reported as about £800 million, though one account gives a dollar-denominated figure of roughly $800 million. The currencies are not interchangeable, and the final amount has not been set. The valuation estimate is around $9 billion. Airtel Money reported revenue of $1.36 billion, up by more than a quarter, according to the company; another account put revenue at about $1.4 billion for the last financial year.