Following the announcement on 23 September 2026 confirming its intention to undertake an
initial public offering, Airtel Money today announces the offer price for its planned initial public
offering (the “IPO” or the “Offer”), and its intention to publish the Prospectus, which is
expected to take place later today.
The Company intends to apply for admission of its ordinary shares to the equity shares
(commercial companies) category of the Official List of the FCA and to trading on the Main
Market of the London Stock Exchange (together, “Admission”). Admission is currently
expected to occur on 14 October 2026.
Confirmation of the Offer Details
• The price for the Offer has been set at £1.96 per Share (the “Offer Price”), implying
an estimated market capitalisation at Admission of £5.3 billion (approximately US$ 7.0
billion).• Pursuant to the Offer, certain of the Company’s existing shareholders are expected to sell, in aggregate, 270,000,000 existing Shares. In addition, up to a maximum of
27,000,000 existing Shares may be sold pursuant to an over-allotment option.
• Airtel Africa plc (“Airtel Africa”) is not expected to sell existing Shares in the Offer other
than pursuant to the over-allotment option and is expected to remain a long-term
strategic shareholder and to support Airtel Money’s next phase of growth as an
independently listed business.
• International Finance Corporation has committed to participate in the Offer and
purchase up to £67.2 million (approximately US$90 million) of Shares from existing
shareholders at the Offer Price, pursuant to a cornerstone investment agreement.
• It is expected that conditional trading will commence by 9 October 2026 and that
Admission will become effective and that unconditional dealings in the Shares will
commence at 08:00 am (London time) on 14 October 2026.
• Based on current indications received from the Company’s existing shareholders, it is
expected that approximately 16.5% of the Company’s issued ordinary share capital will
be held in public hands (within the meaning of UK Listing Rule 5.5), assuming the overallotment option is not exercised (increasing to approximately 17.5% if the maximum
number of additional Shares are acquired pursuant to the over-allotment option).
• The Company expects it would have a free float that would make it eligible for inclusion
in the FTSE UK indices.
• The Offer will be made to qualified institutional buyers in the United States in reliance
on Rule 144A under the United States Securities Act of 1933, as amended (the
“Securities Act”), and to certain institutional investors in the United Kingdom and
elsewhere outside of the United States in reliance on Regulation S under the Securities
Act and in accordance with applicable laws and regulations. The latest time and date
for receipt of indications of interest from institutional investors under the Institutional
Offer will be 2:00 pm (London time) on 8 October 2026.
• The Offer will also be made to retail investors resident and physically present in the
United Kingdom only (in reliance on Regulation S under the Securities Act) through
Retail Book Limited’s (“RetailBook”) partner network of investment platforms, retail
brokers and wealth managers, subject to such partners’ participation in the Offer (the
“Retail Offer”). The Retail Offer is expected to open following publication of the
Prospectus and will have a minimum application amount of £250. The latest time and
date for receipt of applications to participate in the Retail Offer will be 5:00 pm (London
time) on 8 October 2026.
• Additional details in relation to the Offer will be disclosed in the Prospectus, which is
expected to be published later today.
• In connection with the Offer, each of the Company, its directors and its existing
shareholders have agreed to lock-up arrangements restricting the disposal of Shares,
subject to certain exceptions. Further details are summarised in the Prospectus. These
lock-up periods are as follows:o The Company: 180 days from Admission
o Directors: 365 days from Admission
o Existing shareholders: 180 days from Admission
• The Company has appointed Citigroup Global Markets Limited as Sole Sponsor, Lead
Left Global Coordinator and a Joint Bookrunner. Barclays Bank PLC, Merrill Lynch
International, Goldman Sachs Bank Europe SE and J.P. Morgan Securities plc have
been appointed as Joint Global Coordinators and Joint Bookrunners. Absa Bank
Limited, BNP PARIBAS, Emirates NBD Capital Limited, First Abu Dhabi Bank PJSC,
Jefferies International Limited and The Standard Bank of South Africa Limited have
been appointed as Joint Bookrunners. BTIG LLC has been appointed as CoBookrunner.
