Airtel Africa Plc has announced plans by its mobile money subsidiary, Airtel Mobile Commerce N.V., also known as Airtel Money, to proceed with an Initial Public Offering, IPO, and seek admission to trading on the London Stock Exchange.

The announcement was contained in a statement by Airtel’s Group Company Secretary, Simon O’Hara, released on the Nigerian Exchange Limited, NGX.

The company said the proposed IPO would involve the sale of existing Airtel Money shares held by current shareholders.

According to the statement, Airtel Money will not create new shares or raise fresh capital through the offering, as the IPO will consist of shares being sold by existing shareholders.

The proposed listing is therefore intended to provide a public market for the existing shares rather than inject new funds into the company.