Airtel Africa Plc, has announced that its mobile money subsidiary, Airtel Mobile Commerce N.V., known as Airtel Money, intends to proceed with an Initial Public Offering (IPO) and seek admission to trading on the London Stock Exchange.
The announcement was made in a statement by Mr Simon O’Hara, Airtel’s Group Company Secretary, and released on the Nigerian Exchange Limited, NGX.
According to the statement: “The proposed IPO will involve the sale of existing Airtel Money shares held by current shareholders, meaning the company will not create new shares or raise new capital through the offering.
“The Announcement notes that the proposed IPO would comprise a secondary offering of existing Airtel Money shares to be sold by existing Airtel Money shareholders, with no new capital being raised by Airtel Money. Airtel Africa currently beneficially owns 77.85% of Airtel Money’s issued ordinary share capital and, following Admission,
Airtel Africa expects to remain a long-term strategic shareholder and to support Airtel Money’s next phase of development as an independently listed business. The Announcement sets out, amongst other things, information on Airtel Money, its operations, strategy and financial performance including its current trading and outlook’’.
The statement, however, noted that the proposed transaction remains subject to change.
“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 added.
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