Mobile payments firm Airtel Money began trading on the London Stock Exchange on Friday, raising approximately £529 million ($698 million) in its initial public offering. The company offered 270 million shares at £1.96 each, valuing Airtel Mobile Commerce NV at about £5.3 billion. The stock debuted under the ticker symbol “AMC.”
Existing shareholders, including the Qatar Investment Authority and TPG Inc., sold shares in the IPO. Airtel Africa Plc and Mastercard Inc. may sell an additional 27 million shares through an overallotment option after the debut. The listing is seen as a significant event for London’s capital markets, which have experienced a shortage of IPOs in recent years.
The IPO is the largest on the London Stock Exchange in five years and is viewed as a test of the city’s ability to attract new listings. A strong debut could encourage more companies to list in London, while a weak performance might deter future IPO candidates. The London exchange has faced a prolonged drought in first-time share sales, extending to the broader European market.
The success of Airtel Money’s IPO comes amid efforts to revitalize London’s capital markets, which have seen limited new listings for nearly six years. The company’s debut will be closely watched as an indicator of investor appetite and market conditions in the region.