Airtel Money prices London IPO at $7 billion valuation

By Reuters News

Oct 1 (Reuters) - Airtel Money, the mobile money arm of Airtel Africa AAF.L, set the price for its London initial public offering at £1.96 per share on Thursday, valuing the company at about £5.3 billion ($7.0 billion) ahead of its planned mid-October market debut.

The company plans to sell 270 million shares in the offering, implying gross proceeds of about £529.2 million.

Airtel Money's valuation is slightly below earlier media reports that suggested the mobile money business could seek a valuation of $8 billion to $9 billion.

($1 = 0.7540 pound)

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.