A&O Shearman and HSF Kramer line up on Airtel Money’s London IPO

A&O Shearman and HSF Kramer have taken roles on the London IPO of Airtel Money, the digital financial services business owned by London-listed telecoms group Airtel Africa.

Airtel Money operates a mobile money platform across Airtel Africa's markets, allowing customers to make payments, transfer money and access other financial services.

The company is reportedly seeking a valuation of up to $9 billion, according to the Financial Times.

Airtel Africa plans to separately list the business on the London Stock Exchange while remaining its majority shareholder.

London listings

The planned float provides another boost for a London IPO market that has struggled with a shortage of new listings and the departure of established public companies in recent years.

There have, however, been some significant wins. The National Investment Fund of Uzbekistan announced plans in April for a $2.4 billion dual London-Tashkent listing, with Cleary Gottlieb and White & Case securing lead roles on the float.

Other recent listings include Princes Group’s £1.5 billion London float, with Paul Hastings and BonelliErede advising the food producer and Clifford Chance acting for the banks.

The £300 million IPO of Cheshire-based retailer The Beauty Tech Group also completed in October, with Addleshaw Goddard advising the company and Travers Smith acting for sponsor Berenberg.

Airtel Money would add another sizeable international name to that pipeline.

Advising

A&O Shearman is advising Airtel Money, led by global ECM co-head Adam Wells and head of UK ECM Michael Bloch alongside Dubai partner Harsha Kumar.

HSF Kramer is advising long-standing client Airtel Africa, led by partner Gareth Sykes. The mandate builds on HSF Kramer's previous work for Airtel Africa around Airtel Money.

The firm previously advised on $550 million of minority investments in the business from TPG, Mastercard, the Qatar Investment Authority and Chimetech Holding.

Those deals were led by Airtel Africa relationship partner Alan Montgomery and partner Roddy Martin, both in London.