Airtel Money lists on LSE at £5.3bn valuation

Airtel Money, the digital financial services arm of Airtel Africa, has started trading on the London Stock Exchange with a market capitalisation of around £5.3 billion. The company's shares began conditional dealings on the exchange's Main Market under the ticker AMC on October 9, with formal unconditional trading set to start on October 14, according to Premium Times.

The initial public offering of Airtel Money attracted significant demand, with several times the number of shares available being sought after by investors. The offer comprised the sale of 270 million existing shares by minority shareholders. Airtel Africa, which is majority-owned by India's Bharti Enterprises, held nearly 78% of Airtel Money before the IPO and plans to remain a long-term shareholder, reports The Indian Express.

On its first day of trading, Airtel Money's shares fell by 6% to 184.26 pence, a session low, resulting in a market capitalisation of £4.975 billion, as per Expansion ES. The company's CEO, Ian Ferrao, described the London listing as an important new chapter for the business, reflecting the opportunities ahead.

Brief written by urgent.news from Punch Nigeria, The Indian Express, Expansion ES, City AM, Premium Times — 5 reports on this story. Machine-written — may contain errors; check the original before relying on it.