Does Airtel Money mark the end of London’s listing drought? Not yet | Nils Pratley
Summary
Airtel Money, a payments company in Africa, recently had the biggest stock market listing in London in five years. However, since it is mostly owned by Airtel Africa, an existing London-listed company, this does not fully end the current lack of new company listings in London.Key Facts
- Airtel Money operates in 13 African countries and is valued between £6 billion and £7 billion.
- It is 78% owned by Airtel Africa, a large company on the London Stock Exchange valued at £11.3 billion.
- Airtel Africa is controlled by Bharti Enterprises, owned by Indian billionaire Sunil Bharti Mittal.
- Listing Airtel Money in London made sense because Airtel Africa is already listed there and well known.
- Airtel Money has 53 million monthly active users with 75 million more potential customers.
- The company is growing at about 20% per year and does not need to raise new equity from this listing.
- Investors like Mastercard and the Qatar Investment Authority hold minority shares in Airtel Money.
- London is still competing with other cities, like Stockholm and Amsterdam, to attract big company listings.
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