LONDON (dpa-AFX) - Airtel Africa plc (AAF.L), a telecommunications and mobile money services provider, on Wednesday announced that its subsidiary Airtel Money intends to proceed with an initial public offering.
The IPO will comprise a secondary offering of existing Airtel Money shares by its current shareholders.
The company said no new capital will be raised by Airtel Money through the offering.
The company currently beneficially owns 77.85% of Airtel Money's issued ordinary shares.
Airtel Money plans to apply for admission of its shares to the Official List of the Financial Conduct Authority and trading on the London Stock Exchange's Main Market.
The company expects to remain a long-term strategic shareholder in Airtel Money following the listing.
On Tuesday, Airtel Africa closed trading 1.95% lesser at GBp 312 on the London Stock Exchange.
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