Ertl Money to List in Britain at $800M
Ertel Money Commerce, a company specializing in mobile payments and based in Dubai, has announced that it has submitted an application to list its shares on the London Stock Exchange. This could be the largest initial public offering in the UK market in the past five years, aiming to raise $800 million. The company chose the London market due to the availability of capital, the quality of institutional investors, expertise in emerging markets, and because its parent company, Ertel Africa, is already listed there. Details of the offering are expected to be announced in early October, with the final pricing scheduled for mid-month, after the International Finance Corporation (IFC) agreed to purchase shares worth $90 million. Ertel Money operates an extensive network providing bill payments, microloans, and goods purchasing services across Africa. Its transactions reached $213 billion in the year ending June, with approximately 53 million active monthly users.
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