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Airtel Money sets £1.96 offer price for London listing valuing it at about £5.3bn

Airtel Africa's mobile money arm has priced its London IPO at £1.96 a share, valuing it at around £5.3bn. Outlets differ on how much it will raise: about £601m or £529m.

2 outlets · 0L · 1C · 1R First reported Account updated
Image: City A.M.
Image: Evening Standard

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The story, neutrally told

Airtel Money, the mobile payments arm of Airtel Africa, is heading for a valuation of about £5.3bn in a London listing. The offer price has been set at £1.96 per share. The Evening Standard says the stock market debut is planned for 14 October, with conditional dealing starting on 9 October.

The Evening Standard says the group is looking to raise around 800 million US dollars (£601 million). City A.M. puts the raise at around £529m, according to terms it has seen, with existing investors selling 270m shares. City A.M. reports that the International Finance Corporation has committed up to £67.2m as a cornerstone investor, and that the Qatar Investment Authority and Mastercard are among the sellers.

City A.M. says the valuation would open the door to the FTSE 100, and that Airtel expects a free float that would make it eligible for the FTSE indices. City A.M. adds that the firm had earlier been reported to be seeking $8bn to $9bn. The Standard presents the listing as a boost for a London market hit by an IPO drought and by companies being bought or moving their listings abroad.

Every sentence links to the reporting it rests on.

Left0 outlets

No left outlet in our sources has covered this story yet.

Centre1 outlet

Framing
Short report on the price-setting, with the listing presented as a lift for London's depressed IPO market.
Emphasis
Timetable, offer price and the state of the London market.
Leaves out or plays down
Does not name the selling investors, the cornerstone investor or the FTSE 100 prospect.
Charged language
“shot in the arm”
For example
“would give the market a shot in the arm after an IPO drought” — Evening Standard

Right1 outlet

Framing
Deal-focused breaking story that stresses the size of the IPO and the prospect of a FTSE 100 place.
Emphasis
Sellers, cornerstone investor, earlier valuation target, FTSE eligibility and company background.
Leaves out or plays down
Does not give the listing dates or the London IPO drought context.
Charged language
“biggest IPO in years”
For example
“The valuation would open the door for a spot in the FTSE 100.” — City A.M.