Airtel Money targets $7 billion valuation in London IPO debut

Airtel Money has priced its London initial public offering at £1.96 ($2.59) per share, valuing the mobile money business at £5.3 billion ($7 billion) ahead of its October 14 debut, according to a regulatory filing on Thursday. 
This marks the first time the market will put a public price on Airtel Africa’s fastest-growing business, after years of turning mobile money into a major part of the group’s financial story. But the $7 billion valuation is below the $8–9 billion range reported when the IPO was announced, and most of the sale proceeds will go to existing investors rather than Airtel Africa or Airtel Money.
The listing gives investors a price for a business processing more t...