Airtel Africa Plc has announced plans for its mobile money subsidiary, Airtel Mobile Commerce N.V., popularly known as Airtel Money, to pursue an Initial Public Offering (IPO) and seek a listing on the London Stock Exchange.
The company disclosed this in a statement signed by Simon O’Hara, Group Company Secretary of Airtel Africa, and filed with the Nigerian Exchange Limited (NGX).
According to the statement, the proposed IPO will involve the sale of existing shares held by Airtel Money’s current shareholders. The transaction will therefore not involve the creation of new shares or the raising of fresh capital by Airtel Money.
Airtel Africa currently holds a 77.85 per cent beneficial interest in Airtel Money’s issued ordinary shares. The company said it expects to remain a long-term strategic shareholder in Airtel Money after the proposed listing and support the subsidiary’s continued growth as an independently listed business.
The proposed transaction is expected to provide investors with information on Airtel Money’s operations, business strategy, financial performance, current trading position and outlook.
However, Airtel Africa stressed that the proposed IPO remains subject to change and may not ultimately proceed.
“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 company said.
The proposed listing is therefore dependent on a number of conditions and regulatory processes, including the publication of an approved prospectus.
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