The biggest flotation in five years was a bit of a shoo-in. Let’s see what happens when overseas competition is tougher
Indian billionaire’s payments firm plots biggest London flotation in years
A win is a win, but we should probably contain our excitement about the biggest flotation in London for five years . Airtel Money, a payments processor that operates in 13 African countries and should be worth between £6 bn and £7 bn, is a welcome addition to the stock market but it would be a stretch to say the event marks a definitive change in the weather to end the listings drought.
Why? Because, in a sense, Airtel Money is already here. It is a 78%-owned subsidiary of Airtel Africa, an established FTSE 100 firm with a market value of £11. 3 bn ultimately controlled by Bharti Enterprises under the Indian billionaire Sunil Bharti Mittal , also known for his 25% stake in BT. Continue reading...