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Airtel Money, the mobile money arm of Airtel Africa, set the price for its London initial public offering at £1.96 per share on Thursday, valuing the company at about £5.3 billion ($7.0 billion) ahead of its planned mid-October market debut.
The company plans to sell 270 million shares in the offering, implying gross proceeds of about £529.2 million.
Airtel Money’s valuation is slightly below earlier media reports that suggested the mobile money business could seek a valuation of $8 billion to $9 billion.
($1 = 0.7540 pound)