Airtel Money eyes London listing via secondary OFS

New Delhi: Airtel Africa is considering listing its financial services arm, Airtel Money, on the London Stock Exchange with a secondary offer for sale (OFS) in what could be the UK's largest such listing since 2021. In filings Wednesday with the London bourse on Mobile Money, Airtel Africa indicated it would give some of its existing shareholders an exit option, industry experts said. Airtel Africa has roped in International Finance Corporation (IFC), a part of the World Bank group, as a cornerstone investor in the proposed OFS.

Minority shareholders in the business include TPG, Mastercard, Qatar Investment Authority and Chimetech Holding who together invested $550 million in the business in 2021. Analysts said the listing provides a structured liquidity for pre-IPO investors but will not look to infuse fresh capital in the business.

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"Airtel Money operates with zero external borrowings and only 3% of its revenue spent as capex as of FY26, which gives it enough room to invest in growth directly from its balance sheet," an industry executive who did not wish to be named told ET.

IFC has signed an agreement with the company and some of the existing shareholders to purchase up to 67.2 million British Pounds (approximately $90 million) of the offer shares at the final offer price, Airtel said in the intimation to LSE. Airtel Africa is already listed on the LSE main market and is a constituent of the FTSE 100.

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The telco's Africa unit, backed by Sunil Mittal, said the offer will also be made to qualified institutional buyers in the US and outside the US along with retail investors who are residents of the United Kingdom.