Airtel sets 2025 date for planned $4bn mobile money IPO
TLDR
- Airtel Africa to make Airtel Money public in 2025 for expansion into new markets, IPO value over $4 billion.
- CEO Olusegun Ogunsanya confirms IPO plans set for approximately a year from now.
- Airtel Money shows strong growth in Zambia, Uganda, Tanzania, Malawi, Gabon, and the Democratic Republic of Congo.
Airtel Africa is set to take its mobile money unit, Airtel Money, public in 2025 amid ambitions for expansion beyond its current presence in 14 countries. The potential IPO could exceed $4 billion in value. However, the specific stock exchange for listing remains undisclosed at this time.
Airtel Money is the company's fastest-growing segment, demonstrating robust performance, particularly in Zambia, Uganda, Tanzania, Malawi, Gabon, and the Democratic Republic of Congo.
Although plans for the initial public offering (IPO) were initially announced in March 2024, CEO Olusegun Ogunsanya recently remarked that the IPO is still about a year away.
Key Takeaways
Airtel Africa's financial report for the fiscal year ending March 31, 2024, revealed a $89 million loss after tax, primarily attributed to the instability of the Naira, Nigeria's currency. The devaluation of the Naira resulted in $770 million in foreign exchange losses, significantly impacting the company's financial performance. Additionally, the depreciation of the Naira adversely affected the company's revenue, which amounted to $4.98 billion in FY '23/24, down from $5.26 billion in FY '22/23. Specifically, Airtel Nigeria, a key subsidiary, reported a revenue of $1.50 billion, marking a notable decline from the $2.13 billion reported in the previous fiscal year. In response to these challenges, Airtel Africa announced a $100 million share buyback program in February, slated to commence in March 2024 and extend over the year.
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