A&O Shearman has advised Airtel Mobile Commerce N.V. (Airtel Money), one of Africa’s largest fintech platforms, on its initial public offering (IPO) on the London Stock Exchange. Airtel Money is the largest company to complete an IPO in London since 2021 (excluding dual listings) and the second-largest IPO in Europe this year.
The IPO valued Airtel Money at an initial market capitalization of GBP5.3 billion, with a final offer size of up to GBP582 million. Airtel Money’s shares have been admitted to the Equity Shares (Commercial Companies) category of the Official List and to trading on the Main Market of the London Stock Exchange. Airtel Money is expected to be eligible for inclusion in the FTSE UK Index series.
Over the last ten years, Airtel Money has grown into one of Africa’s largest fintech platforms. It now operates across 13 African markets and serves approximately 53 million monthly active users. Its mobile-led model runs on a highly scalable technology stack and is built to provide accessible and affordable financial services across the continent.
Airtel Money’s minority shareholders are Mastercard, The Rise Fund II Aurora (an investment fund managed and advised by TPG), Abu Dhabi-based fund Chimera Investment/Lunate, and Qatar Holding (a subsidiary of Qatar Investment Authority).
Following the IPO, Airtel Africa and Bharti Airtel International (Netherlands) B.V., which is ultimately controlled by Bharti Enterprises, will keep a material interest in Airtel Money. Bharti Enterprises is a globally recognized Indian conglomerate with interests across telecommunications, digital infrastructure, space communications, financial services, real estate, data centers, and hospitality.
The IPO comprised a secondary offering of shares by Airtel Money’s minority shareholders. Shares were offered to qualified institutional buyers in the United States and to certain institutional investors in the United Kingdom and elsewhere. Retail investors resident and physically present in the UK were able to take part through the partner network of investment platforms, retail brokers, and wealth managers of RetailBook, which has facilitated more than 400 retail offerings in the London market.
The A&O Shearman team was led by partner and global co-head of U.S. Capital Markets and Global ECM Adam Wells, partner and head of UK ECM Michael Bloch, and ECM partner Harsha Kumar.
“Airtel Money’s IPO is one of the largest London has seen in more than five years, and it sends a clear signal that London remains a compelling venue for high-growth international businesses. Our ability to bring together cross-border, cross-practice expertise as one seamless team was central to delivering a successful outcome for our client on a landmark transaction.”
Adam Wells
Partner
Airtel Money’s IPO is the second-largest in Europe this year. The largest was the IPO of Czechoslovak Group (CSG) on Euronext Amsterdam in January, with an initial market capitalization of EUR25bn and raising EUR3.8bn, on which A&O Shearman advised the underwriting syndicate. That transaction was the world’s largest defense IPO ever recorded by amount raised and market capitalization.