London Stock Exchange hosts its biggest IPO in five years as Airtel Money debuts at £5.3bn valuation

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Mobile payments company Airtel Money (formally Airtel Mobile Commerce NV) began conditional trading on the London Stock Exchange on Friday, October 9, under the ticker symbol "AMC", at an offer price of £1.96 per share — valuing the business at about £5.3 billion.

The IPO comprises 270 million existing shares sold by minority shareholders including the Qatar Investment Authority and TPG Inc., raising roughly £529 million (about $700 million). Mastercard Asia/Pacific is making up to 27 million additional shares available through an overallotment option; if exercised in full, the total offer would reach £582 million, about 11% of the company's share capital. The International Finance Corporation (IFC) was allocated 34,285,714 shares worth £67.2 million as a cornerstone investor.

Admission to the Official List and the start of unconditional trading are expected on October 14, when the company will have 2.7 billion shares in issue. Parent company Airtel Africa sold none of its shares and remains a long-term strategic shareholder.

The shares rose as much as 2.1% at the start of trading before slipping about 1% below the offer price. Before the open, chief executive Ian Ferrao told Bloomberg Radio: "Last night I had nightmares, you just don't want to see that thing go red." He and his team opened trading wearing custom sneakers printed with the company name and ticker.

Sunil Bharti Mittal, founder and chairman of Bharti Enterprises, called the listing a vote of confidence in the UK as a destination for long-term investors. London Stock Exchange chief executive Julia Hoggett attended the debut ceremony.