Airtel Money began conditional trading on the London Stock Exchange on Friday at an offer price of 196 pence ($2.60) a share, valuing the African mobile money business at £5.3 billion ($7 billion), the company said.
The shares opened at the offer price under the ticker AMC and traded as high as 200 pence ($2.65) during the morning. Only investors allocated shares in the offer can trade until formal admission and unconditional dealings begin on Oct. 14.
The IPO featured a mix of institutional investors and existing shareholders reducing their holdings.
1. International Finance Corporation (IFC)
Largest disclosed cornerstone buyer
£67.2 million (Approximately US$90 million)
IFC committed to purchase 34.29 million shares at the IPO price of £1.96 each. Its allocation was confirmed in the final offer announcement.
2. Qatar Investment Authority (QIA)
Qatar’s sovereign wealth fund is among the existing shareholders selling shares in the IPO. Its previously reported stake in Airtel Money was approximately 8%. The exact number of shares sold by QIA should be distinguished from its total holding.
3. Mastercard
Mastercard is a strategic payments-industry investor and an existing shareholder selling shares in the offering. It also made additional shares available through the IPO’s over-allotment arrangement.
4. The Rise Fund
The TPG-backed investor, through Rise Fund II Aurora, is among the minority shareholders selling shares in the IPO.
5. Chimetech Holding
Chimetech is another existing minority shareholder identified among the IPO’s selling investors. Public reports do not establish it as a larger buyer than IFC in this offering.
Who is running the IPO?
The banks managing the transaction include:
– Citigroup; sole sponsor and lead-left global coordinator.
– Barclays and Bank of America; joint global coordinators.
– Goldman Sachs and J.P. Morgan; joint global coordinators.
– Absa, BNP Paribas, Emirates NBD, First Abu Dhabi Bank, Jefferies, Standard Bank and BTIG also have bookrunning roles.