Airtel Africa Plc has announced plans for its mobile money subsidiary, Airtel Mobile Commerce N.V. (Airtel Money), to pursue an Initial Public Offering and seek admission to trading on the London Stock Exchange.
The disclosure was made in a statement by Simon O’Hara, Airtel’s Group Company Secretary, released on the Nigerian Exchange Limited (NGX).
According to the statement, the proposed IPO will take the form of a secondary offering, involving the sale of existing Airtel Money shares held by current shareholders. No new shares will be created and no fresh capital will be raised through the exercise.
Airtel Africa currently holds a 77.85% beneficial stake in Airtel Money’s issued ordinary share capital. Following admission, the company said it expects to remain a long-term strategic shareholder, backing Airtel Money’s next phase of growth as an independently listed entity.
The statement added that further details on Airtel Money’s operations, strategy, financial performance, and outlook would be contained in the offer documentation.
Airtel, however, cautioned that the transaction is not yet certain. “Airtel Money may decide not to proceed, and there is no guarantee that a prospectus will be published, the IPO will be completed, or the shares will be admitted to trading,” the statement said.
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