Airtel Money makes weak London market debut

London: Mobile payments firm Airtel Money made a weak debut on the London Stock Exchange, with shares closing 6% below their initial public offering (IPO) price, dealing a setback to the UK's struggling IPO market.

The shares ended at 184.2 pence against the IPO price of 196 pence, valuing Airtel Mobile Commerce NV, as the company is formally known, at about £5 billion ($6.6 billion).

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London has faced a prolonged shortage of new listings, with the drought approaching its sixth year and extending across Europe. Airtel Money's debut came amid global market volatility, with several companies postponing IPO plans over concerns about interest rates and artificial intelligence.

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