Indian billionaire’s payments firm plots biggest London flotation in years
Source: The Guardian ·
Sunil Bharti Mittal’s Airtel Money targets $9bn IPO in boost for ailing UK stock marketA payments business that operates across Africa and is ultimately controlled by an Indian billionaire has announced its intention to float on the struggling London Stock Exchange.Airtel Money, the mobile money arm of Airtel Africa, is planning one of the biggest UK listings in years, in a boost for the…
From the source
A payments business that operates across Africa and is ultimately controlled by an Indian billionaire has announced its intention to float on the struggling London Stock Exchange. Airtel Money, the mobile money arm of Airtel Africa, is planning one of the biggest UK listings in years, in a boost for the shrinking London market that has faced a string of recent departures. The company is understood to be hoping to raise about $800m (£601m) from the initial public offering (IPO) and is targeting a valuation of $8bn to $9bn, which would make it one of London’s largest listings in recent years. Airtel Money has 53 million monthly active users across 13 countries in sub-Saharan Africa, including Uganda, Zambia and the Democratic Republic of Congo. It operates through a network of branches and kiosks, which enable customers to load money on to their phones, withdraw cash and access other money services, and the company generated revenues of just under $1.4bn in the last financial year.…