The biggest flotation in five years was a bit of a shoo-in.
Because, in a sense, Airtel Money is already here.
All true, but it’s also the case that it would have been odd to list Airtel Money on a different market to Airtel Africa.
Airtel Money is capital-lite, converts a chunky proportion of its earnings into cash, carries the buzzy fintech vibe and is growing at about 20% a year.
The listing venue for Visma looks to be a shootout between London, Stockholm and Amsterdam.
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The biggest flotation in five years was a bit of a shoo-in. Let’s see what happens when overseas competition is tougher.
Airtel Money, a payments processor that operates in 13 African countries and should be worth between £6bn and £7bn, is a welcome addition to the stock market but it would be a stretch to say the event marks a change in the weather to end the listings drought.
Because, in a sense, Airtel Money is already here.
Ian Ferrao, the chief executive of Airtel Money, still made all the right noises to please exchange officials. London got the nod on account of its deep capital pools plus investors’ enthusiasm for fintech firms and their general understanding of African companies, he said. All true, but it’s also the case that it would have been odd to list Airtel Money on a different market to Airtel Africa.
Airtel Money has grown out of Airtel Africa’s telecoms business, and one of its growth opportunities is to persuade even more of the telephony customers to join the payments service.
Airtel Money is capital-lite, converts a chunky proportion of its earnings into cash, carries the buzzy fintech vibe and is growing at about 20% a year. The cash-generative qualities mean no new equity is being raised, so it is an opportunity for existing shareholders – including minority owners including TPG, Mastercard, the Qatar Investment Authority and Chimetech Holding – to cash in a few chips.
The listing venue for Visma looks to be a shootout between London, Stockholm and Amsterdam.
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