Listing Evidence › United Kingdom › Main Market
Airtel Mobile Commerce N.V.
UKMain MarketProspectus, published 1 October 2026 · admission expected 14 October 2026 · ticker AMC
Mobile money and digital financial services in 13 African countries; majority-owned by Airtel Africa.
MarketMain Market
Offer price£1.96
Shares offered0 new, 270,000,000 sold by existing shareholders
Market value at the offer price£5.3bn (p. 45)
At a glance
The key facts, what they mean and where to check them. Based on the company's prospectus, not a prediction of investment returns.
2 points to read closely · 5 worth checking
Based on the reviewed prospectus. These are reading priorities, not an IPO rating.
Who receives the offer money?
100% of the offer is secondary sales by existing shareholders
Secondary sales: 270,000,000 existing shares sold for about £529.2m before the sellers' costs; the document estimates £508.2m net to them, assuming no exercise of the over-allotment option. The company sells no new shares and receives none of the money.
at admission · pp. 45, 261, 265
What this means
Primary proceeds are money the company receives for new shares. Secondary sales are existing shares sold by their holders: that money goes to them, not to the company.
- The sellers: The Rise Fund II Aurora s.a.r.l. sells 106,380,000 shares (48.8% of the 217,950,000 held) and keeps 111,570,000; Qatar Holding LLC sells 68,094,000 shares (31.2% of the 217,950,000 held) and keeps 149,856,000; Mastercard Asia/Pacific PTE. LTD. sells 53,622,000 shares (49.2% of the 108,900,000 held) and keeps 55,278,000; Chimetech Holding Ltd sells 41,904,000 shares (78.7% of the 53,250,000 held) and keeps 11,346,000 (p. 265).
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Ownership and control
77.8% of the votes held by the largest holder
Bharti Airtel International (Netherlands) B.V. A relationship agreement governs dealings with the company.
immediately after admission · pp. 317, 329, 338
What this means
The UK Takeover Code does not apply to this company, so its 30% threshold and mandatory offer rule do not either. A holder of over half the votes generally decides ordinary resolutions alone. The protections the document describes in their place are set out above, in its own words; they are not the Code's full protections.
- On the Takeover Code the document says: “In addition, the UK Takeover Code will not apply to the Company by operation of law” (p. 338).
- In its place: “However, in common with other non-UK incorporated companies seeking eligibility for included in the FTSE UK Index Series, the Company’s Articles incorporate certain takeover protections similar to those contained in the UK Takeover Code, which are to be administered by the Board. These provisions will not provide the full protections afforded by the UK Takeover Code and will only have effect for so long as the Company is not subject to the UK Takeover Code” (p. 338).
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Reporting and legal matters
Proceedings that may have a significant effect disclosed
The document says: “One of the Group's subsidiaries has received a tax assessment of approximately US$50 million.” The company says: “Based on external legal advice, management believes that the treaty benefits have been correctly applied by the Group and that the assessment lacks legal merit. The subsidiary has filed an objection with the local revenue authority to contest the assessment. However, considering the ongoing engagement with the authority, management has assessed that a possible obligation may exist. Accordingly, the matter has been disclosed as a contingent liability in the Interim Financial Statements” (p. 335). It is accounted for as a contingent liability, with no provision made.
the years the document covers · pp. 335, 256, 239, 179
What this means
An unmodified opinion means the auditor or reporting accountant found the figures give a true and fair view. Proceedings with a significant effect are claims or assessments the company says may materially affect its finances; the document gives what is known of them.
- The auditor's or reporting accountant's opinion on the annual financial information is unmodified.
- The interim figures (three months ended 30 June 2026) were reviewed, not audited; the review's conclusion: “Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the quarterly financial report for the three months ended 30 June 2026 is not prepared, in all material respects, in accordance with International Accounting Standard 34 issued by the IASB” (p. 239).
- No material uncertainty about going concern is stated.
- The company states that its working capital is sufficient for at least the next twelve months.
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Customer, supplier and market dependence
Suppliers of a critical input
The document says: “the Group has an agreement with Comviva Technologies Limited to deploy, operate and enhance the Group's mobile money and digital financial services platform.”
the year to 31 March 2026 · pp. 208, 19
What this means
Losing, or a pause in orders from, a large customer would move revenue; a supply problem at a critical supplier would hold up deliveries.
- Revenue by country or region, latest year: East Africa 75.0%, Francophone Africa 25.0%.
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Governance
4 of 9 directors other than the chair independent
The chair and chief executive are different people, and the board considered the chair independent on appointment. The board says it will apply the UK Corporate Governance Code.
on admission · pp. 139, 142, 143
What this means
The UK Corporate Governance Code, which Main Market companies report against, expects at least half the board, excluding the chair, to be independent non-executive directors, and separate chair and chief executive.
- On departures from the code: “As a result, from Admission, the Company will not comply with the recommendation of the Governance Code that at least half of the board of directors of a UK-listed company, excluding the chair, should comprise independent non-executive directors” (p. 143).
- The document also says: Arijit Ranjan Sarker: “He is currently serving as an Executive Advisor at Mastercard until 31 October 2026. ... Notwithstanding Arijit Sarker's employment with Mastercard (ending 31 October 2026) and his previous directorship with Airtel Payments Bank Ltd., the Board has concluded that Arijit Sarker should be considered to be independent on appointment when assessed against the criteria set out under Provision 10 of the Governance Code, in particular recognising his role as an independent board member at Airtel Payments Bank Ltd” (pp. 139–140).
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Business and revenue
Revenue $1,346m in the year to 31 March 2026, up 36%
The Group is a leading pan-African fintech platform, revolutionising the provision of financial services across Africa via a digital-first model enabling mass financial inclusion and delivering affordable financial services through a highly scalable technology stack.
the year to 31 March 2026 · pp. 71, 183, 239, 241
What this means
What the company sells and how fast sales have grown. Past growth is not a guide to future growth.
- Revenue was $836m, $990m and $1,346m in the three years to 31 March 2026.
- Interim figures: Revenue was $399 million in the three months ended 30 June 2026, against $289 million a year earlier (unaudited).
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Profitability
Operating profit of $651m in the year to 31 March 2026, 48% of revenue
The year before it was $493m. The company's own measure, EBITDA, was $676m.
the year to 31 March 2026 · pp. 208, 207, 183
What this means
Profit from the business before interest and tax, as shown in the document's historical financial information.
- Profit for the year was $373 million, of which $348 million is attributable to owners of the company and $25 million to non-controlling interests.
Cash generation
Operations brought in $799m in the year to 31 March 2026
Of this, the largest single movement was “Increase in mobile money wallet balance”, $259 million (p. 187), 32% of it. Operating cash flow was 118.2% of operating profit before depreciation in the year to 31 March 2026, and 117.7% over the years given.
the year to 31 March 2026 · p. 187
What this means
Cash from day-to-day trading, after tax. Movements in balances, such as money held for customers, amounts owed to suppliers or owed by customers, lift or lower a year's cash flow; each is shown, and none is netted off to make an adjusted figure.
- Movements adding to operating cash flow in the year to 31 March 2026, as the cash flow statement gives them: Increase in mobile money wallet balance: $259 million; Increase/(Decrease) in other financial and non financial liabilities: $59 million; Decrease/(Increase) in trade receivables: $28 million; Increase/(Decrease) in provisions: $2 million.
- On cash held for customers the document says: “(1) Includes balance held under mobile money trust of $1,420m (2025: $977m and 2024: $810m) on behalf of mobile money customers which are not available for use by the Group” (p. 187).
- Capital spending was $38m in the year to 31 March 2026: $7m on property, plant and equipment and $31m on intangible assets.
Borrowings, cash and leases
No borrowings; cash $413m at 31 March 2026
The document prints no net debt figure.
at 31 March 2026 · pp. 210, 184, 183
What this means
Borrowings are loans and similar debt, shown here without leases; lease liabilities are what the company owes under property and equipment leases. A figure the document calls net debt is used only when it prints one.
- Operating profit was 12.5 times finance costs in the year to 31 March 2026.
- What the finance costs consist of: “Net exchange loss 15 ... Bank charges 2 ... Interest on borrowings 0 ... Interest on lease liabilities 0 ... Net loss on derivative financial instruments - ... Other finance charges(1) 35 ... 52” (p. 210).
- Interest on borrowings is printed as 0 in the statements, which are in millions: under $0.5m.
How the company's money will be used
The company receives none of the money raised
The document estimates £508.2m net to the selling shareholders, assuming no exercise of the over-allotment option.
at admission · pp. 261, 45
What this means
In an offer of existing shares only, the money goes to the shareholders who sell; the business itself raises nothing.
- In the document's words: “The Group will not receive any proceeds from the Global Offering other than reimbursement from the Selling Shareholders for certain expenses relating to the Global Offering” (p. 261).
Dilution and selling restrictions
90% of shares locked in for 180 days
from admission · pp. 266, 267
What this means
A lock-in stops the named holders selling for a period; options are future new shares that dilute existing holders when exercised.
- The other 10% of shares, including those bought in the offer, can be traded from admission.
- The lock-in in the document's words: “the Company and the Selling Shareholders have contractually agreed, for a period commencing on the date of the Underwriting Agreement and ending 180 days from the date of Admission, not to directly or indirectly ... issue, offer, sell” (p. 266).
- Exceptions and waivers: “in each case, without the prior written consent of the Joint Global Coordinators. The foregoing restriction will not apply to the sale of the Offer Shares to be sold pursuant to the Global Offering” (p. 266).
- The directors have a separate lock-up of 365 days.
- Separately, the document says: “Each Selling Shareholder has acknowledged that, for a period of 365 days following Admission and for so long as it owns more than 2.0% of the Shares, (amongst other things) it intends to use reasonable efforts to ensure that any sales are undertaken in an orderly manner” (p. 267). This runs from admission, alongside the lock-up, not after it.
Admission and offer facts
Main Market admission expected on 14 October 2026
Offer price £1.96, market value £5.3bn at that price. Sponsor: Citigroup Global Markets Limited.
at admission · pp. 44, 260, 4, 45, 42
What this means
The Main Market is the London Stock Exchange's market for companies admitted to the FCA's Official List. The prospectus is approved by the FCA as complete, comprehensible and consistent, which is not an endorsement of the company; the company and its directors take responsibility for it, and the sponsor advises the company on the listing rules.
- Document: Prospectus, published 1 October 2026.
- Expected admission: 14 October 2026, as stated in the prospectus.
- Shares in issue on admission: 2,700,000,000.
- Shares expected in public hands on admission: 16.5% (17.5% if the over-allotment option is exercised in full).
A UK review. The same engine as our Indian and US reviews, with a UK rulebook: the model reads only the pages each check needs, code finds every quote again on its page and checks the document's own figures against each other, and fixed rules rate each check.
Independently reviewed. Every point was checked against the document by an independent reviewer over three rounds, and the review was cleared on 28 October 2026 for consistency with the document. That check did not re-run the engine or test it on other companies.
About the Main Market. The company and its directors take responsibility for the prospectus. The FCA approves a prospectus as complete, comprehensible and consistent, which is not an endorsement of the company; the sponsor advises the company on the listing rules.
2 to read closely5 worth checking4 for information15 no concern on the figures read6 not identified in the sections read2 not assessed, 4 skipped
Ask about this document
Answers come only from the prospectus, with links to its pages. Information, not investment advice.
Points to read closely (2)
Where a check crossed its read-closely threshold. A prompt to read the pages, not a finding of wrongdoing.
A01
Most of the offer is existing shareholders selling
What the document says
“The Group will not receive any proceeds from the Global Offering other than reimbursement from the Selling Shareholders for certain expenses relating to the Global Offering” (p. 261); “Number of Shares in the Global Offering (assuming no exercise of the Over-allotment Option) 270,000,000” (p. 45)
Question for the company
100% of the shares in the offer are existing shares sold by shareholders: about £529.2 million goes to them before their costs (£508.2 million after them, as the document estimates, assuming no exercise of the over-allotment option). The document names the sellers: The Rise Fund II Aurora s.a.r.l. sells 106,380,000 shares (48.8% of the 217,950,000 held) and keeps 111,570,000; Qatar Holding LLC sells 68,094,000 shares (31.2% of the 217,950,000 held) and keeps 149,856,000; Mastercard Asia/Pacific PTE. LTD. sells 53,622,000 shares (49.2% of the 108,900,000 held) and keeps 55,278,000; Chimetech Holding Ltd sells 41,904,000 shares (78.7% of the 53,250,000 held) and keeps 11,346,000 (p. 265). Why are they selling now, and what are their plans for the shares they keep?
Basis: Existing shares sold by selling shareholders, divided by all shares in the offer (new and existing).
The document's words for this point (9)
| What | Page | The document's words |
|---|
| New shares | 261 | “The Group will not receive any proceeds from the Global Offering other than reimbursement from the Selling Shareholders for certain expenses relating to the Global Offering.” |
| Shares sold by shareholders | 45 | “Number of Shares in the Global Offering (assuming no exercise of the Over-allotment Option) 270,000,000” |
| Offer price | 45 | “Offer Price (per Share) £1.96” |
| Selling shareholders' net proceeds | 45 | “Estimated net proceeds of the Global Offering receivable by the Selling Shareholders £508,200,000” |
| Bharti Airtel International (Netherlands) B.V. | 265 | “Bharti Airtel International (Netherlands) B.V. ................................. 2,101,950,000 77.85 2,101,950,000 77.85” |
| The Rise Fund II Aurora s.a.r.l. | 265 | “The Rise Fund II Aurora s.a.r.l........................................................ 217,950,000 8.07 111,570,000 4.13” |
| Qatar Holding LLC | 265 | “Qatar Holding LLC ........................................................................... 217,950,000 8.07 149,856,000 5.55” |
| Mastercard Asia/Pacific PTE. LTD. | 265 | “Mastercard Asia/Pacific PTE. LTD. ................................................. 108,900,000 4.03 55,278,000 2.05” |
| Chimetech Holding Ltd | 265 | “Chimetech Holding Ltd..................................................................... 53,250,000 1.97 11,346,000 0.42” |
B01
One holder or concert party with 30% or more of the votes
What the document says
“Bharti Airtel International (Netherlands) B.V.(1) 2,101,950,000 77.85 2,101,950,000 77.85” (p. 317); “On 1 October 2026, the Company, Airtel Africa and BAIN entered into a relationship agreement which will, conditional upon Admission, regulate the ongoing relationship between the Company and the Parent Group” (p. 329)
Question for the company
The largest holder (Bharti Airtel International (Netherlands) B.V.) will hold 77.8% of the votes after admission. A relationship agreement governs dealings between this shareholder and the company. The UK Takeover Code does not apply: “In addition, the UK Takeover Code will not apply to the Company by operation of law” (p. 338). In its place the document describes: “However, in common with other non-UK incorporated companies seeking eligibility for included in the FTSE UK Index Series, the Company’s Articles incorporate certain takeover protections similar to those contained in the UK Takeover Code, which are to be administered by the Board. These provisions will not provide the full protections afforded by the UK Takeover Code and will only have effect for so long as the Company is not subject to the UK Takeover Code” (p. 338). Which decisions can this holding block or decide, and what are its plans for the shares after the lock-in?
The document's words for this point (4)
| What | Page | The document's words |
|---|
| Largest holding | 317 | “Bharti Airtel International (Netherlands) B.V.(1) 2,101,950,000 77.85 2,101,950,000 77.85” |
| Relationship agreement | 329 | “On 1 October 2026, the Company, Airtel Africa and BAIN entered into a relationship agreement which will, conditional upon Admission, regulate the ongoing relationship between the Company and the Parent Group” |
| Takeover Code | 338 | “In addition, the UK Takeover Code will not apply to the Company by operation of law.” |
| Takeover protections in the articles | 338 | “However, in common with other non-UK incorporated companies seeking eligibility for included in the FTSE UK Index Series, the Company’s Articles incorporate certain takeover protections similar to those contained in the UK Takeover Code, which are to be administered by the Board. These provisions will not provide the full protections afforded by the UK Takeover Code and will only have effect for so long as the Company is not subject to the UK Takeover Code.” |
Points worth checking (5)
Ordered by priority. Where the document already answers part of a question, its own words come first.
J01
Litigation with a significant effect
What the document says
“Other than as set out below, there are no governmental, legal or arbitration proceedings...which may have, or have had in the recent past significant effects on the Company and/or the Group's financial position or profitability. One of the Group's subsidiaries has received a tax assessment of approximately US$50 million” (p. 335); “Based on external legal advice, management believes that the treaty benefits have been correctly applied by the Group and that the assessment lacks legal merit. The subsidiary has filed an objection with the local revenue authority to contest the assessment. However, considering the ongoing engagement with the authority, management has assessed that a possible obligation may exist. Accordingly, the matter has been disclosed as a contingent liability in the Interim Financial Statements” (p. 335)
Question for the company
The document describes proceedings that may have a significant effect: “Other than as set out below, there are no governmental, legal or arbitration proceedings...which may have, or have had in the recent past significant effects on the Company and/or the Group's financial position or profitability. One of the Group's subsidiaries has received a tax assessment of approximately US$50 million” (p. 335). The company says: “Based on external legal advice, management believes that the treaty benefits have been correctly applied by the Group and that the assessment lacks legal merit. The subsidiary has filed an objection with the local revenue authority to contest the assessment. However, considering the ongoing engagement with the authority, management has assessed that a possible obligation may exist. Accordingly, the matter has been disclosed as a contingent liability in the Interim Financial Statements” (p. 335). They are accounted for as a contingent liability, with no provision made. What do they claim, and what range of outcomes does the company describe?
The document's words for this point (3)
| What | Page | The document's words |
|---|
| Litigation | 335 | “Other than as set out below, there are no governmental, legal or arbitration proceedings...which may have, or have had in the recent past significant effects on the Company and/or the Group's financial position or profitability. One of the Group's subsidiaries has received a tax assessment of approximately US$50 million” |
| The company's response | 335 | “Based on external legal advice, management believes that the treaty benefits have been correctly applied by the Group and that the assessment lacks legal merit. The subsidiary has filed an objection with the local revenue authority to contest the assessment. However, considering the ongoing engagement with the authority, management has assessed that a possible obligation may exist. Accordingly, the matter has been disclosed as a contingent liability in the Interim Financial Statements.” |
| Accounting for the proceedings | 256 | “the matter has been disclosed as a contingent liability, and no provision has been recognized.” |
F01
Revenue from related parties
What the document says
“Included in revenue is $265m (2025: $222m and 2024: $188m) earned from related parties” (p. 207)
Question for the company
Related parties provided 19.7% of revenue in the latest year. Who are they, and how are prices set?
The document's words for this point (2)
| What | Page | The document's words |
|---|
| Revenue from related parties, latest year | 207 | “Included in revenue is $265m (2025: $222m and 2024: $188m) earned from related parties” |
| Revenue, latest year | 183 | “Revenue 7 1,346 990 836” |
E02
Dependence on a few suppliers for a critical input
What the document says
“the Group has an agreement with Comviva Technologies Limited to deploy, operate and enhance the Group's mobile money and digital financial services platform” (p. 19)
Question for the company
The company states that it depends on one or a few suppliers for a critical input: “the Group has an agreement with Comviva Technologies Limited to deploy, operate and enhance the Group's mobile money and digital financial services platform” (p. 19). Which inputs, and what alternatives exist?
The document's words for this point (1)
| What | Page | The document's words |
|---|
| Supplier dependence | 19 | “the Group has an agreement with Comviva Technologies Limited to deploy, operate and enhance the Group's mobile money and digital financial services platform.” |
I01
Fewer than half the board independent
What the document says
“four other Non-Executive Directors, whom the Board considers to be independent when assessed against the criteria under Provision 10 of the Governance Code, one Executive Director and four Non-Executive Directors who are not considered independent” (p. 139); “As from Admission, the Board of Directors is expected to consist of the ten members listed below, including the chair (the “Chair”)” (p. 139)
Question for the company
4 of the 9 directors other than the chair are independent. On departures from its governance code the document says: “As a result, from Admission, the Company will not comply with the recommendation of the Governance Code that at least half of the board of directors of a UK-listed company, excluding the chair, should comprise independent non-executive directors” (p. 143). Does the board plan to add independent directors, and by when?
Basis: Directors the board considers independent, divided by all directors listed, excluding the chair, as the UK Corporate Governance Code's test does.
The document's words for this point (4)
| What | Page | The document's words |
|---|
| Independent directors | 139 | “four other Non-Executive Directors, whom the Board considers to be independent when assessed against the criteria under Provision 10 of the Governance Code, one Executive Director and four Non-Executive Directors who are not considered independent” |
| Directors | 139 | “As from Admission, the Board of Directors is expected to consist of the ten members listed below, including the chair (the “Chair”)” |
| Governance code | 142 | “the Company has adopted corporate governance principles and practices that address various matters under the UK Corporate Governance Code (the “Governance Code”) as further described below.” |
| Departures from the code | 143 | “As a result, from Admission, the Company will not comply with the recommendation of the Governance Code that at least half of the board of directors of a UK-listed company, excluding the chair, should comprise independent non-executive directors.” |
E03
Revenue concentrated in one country or region
What the document says
“Total revenue from external customers 1,009 337 - - 1,346” (p. 208)
Question for the company
75.0% of latest-year revenue came from East Africa (in all: East Africa 75.0%, Francophone Africa 25.0%). How exposed is the business to trade policy and currency in that market, and is the mix expected to change?
Basis: Each country or region's revenue in the latest year, divided by total revenue, from the revenue note.
The document's words for this point (2)
| What | Page | The document's words |
|---|
| East Africa | 208 | “Total revenue from external customers 1,009 337 - - 1,346” |
| Revenue, latest year | 183 | “Revenue 7 1,346 990 836” |
Other checks
For information (shown, not rated)
- B05 Small share of the company offered to new investors: The offer is 10% of the shares in issue, before an over-allotment option of up to 27,000,000 shares. The document estimates 16.5% of the shares in public hands on admission (17.5% if the over-allotment option is exercised in full). Which holders, besides the new investors, count towards the shares in public hands, and does the company expect that to change?
- F02 Payments to related parties for goods, services and leases: In the latest year the document gives purchases from related parties of $54 million.
- F03 Related-party arrangements described: The document describes these related-party arrangements: Relationship Agreement with Airtel Africa and BAIN: “On 1 October 2026, the Company, Airtel Africa and BAIN entered into a relationship agreement which will, conditional upon Admission, regulate the ongoing relationship between the Company and the Parent Group (the "Relationship Agreement") in order to ensure that the Company is able to carry on its business independently of the Parent Group in accordance with its obligations under UK Listing Rules 6.2.3R” (p. 329); Group Management Support Services Agreements with AASUKL and Airtel International LLP: “Airtel Mobile Management Services FZ-LLC... has entered into certain core services agreements with Airtel Africa and its affiliates covering management support, technology, finance operations and advisory support” (p. 331); Loans given to related parties: “Loan given to related parties (88) (35) (26)” (p. 187); Trademark Sub-Licence Agreements with BAIN: “BAIN has granted each of the Group's operating companies a non-exclusive, non-transferrable, non-assignable and non-sub licensable licence to use trademarks for "Airtel Money" in the respective territories” (p. 113); Mastercard Commercial Partnership Agreement: “The Group's 10-year commercial partnership agreement with Mastercard grants Mastercard certain rights as the debit and pre-paid virtual and physical card partner of the Group” (p. 99). Loans given to related parties outstanding: $112 million at 31 March 2026 and $202 million at 30 June 2026. Terms: “On 22 November 2024, the Company entered into a framework loan agreement with BAIN (the "Framework Loan Agreement") whereby the Company, as lender, agreed to advance to BAIN, as borrower, an unsecured revolving credit facility for up to US$100 million. On 28 August 2025, the Framework Loan Agreement was amended to increase the facility from US$100 million to US$120 million. On 17 December 2025, the Framework Loan Agreement was further amended to extend the maturity date from 31 December 2025 to 31 December 2026. Further, through an amendment to the Framework Loan Agreement dated 22 May 2026, the facility was further increased from US$120 million to US$300 million. Under the terms of the Framework Loan Agreement, BAIN has borrowed US$131 million at an interest rate of 3M SOFR + 160bps” (p. 334).
- I03 A director called independent is connected to a party receiving money or a contract: The board considers some non-executive directors independent, and the document also says: Arijit Ranjan Sarker: “He is currently serving as an Executive Advisor at Mastercard until 31 October 2026. ... Notwithstanding Arijit Sarker's employment with Mastercard (ending 31 October 2026) and his previous directorship with Airtel Payments Bank Ltd., the Board has concluded that Arijit Sarker should be considered to be independent on appointment when assessed against the criteria set out under Provision 10 of the Governance Code, in particular recognising his role as an independent board member at Airtel Payments Bank Ltd” (pp. 139–140). How did the board weigh this connection in judging independence, and what safeguards or further assessment support that conclusion?
No concern on the figures read
| Check | Basis (page) |
|---|
| B02 Directors are selling shares in the offer | On the figures read: “None of the Directors or members of Senior Management are selling Shares in the Global Offering” (p. 316); “Bharti Airtel International (Netherlands) B.V. ................................. 2,101,950,000 77.85 2,101,950,000 77.85” (p. 265) |
| B03 Lock-in shorter than usual or covering under half the shares | Shares under lock-in as a percentage of all shares in issue, and the length of the lock-in against the usual period (six months (180 days), usual on the Main Market). |
| C01 Loss in the latest year | On the figures read: “Owners of the Company 348 284 239” (p. 183) |
| C02 Cash used in operations | On the figures read: “Net cash generated from operating activities (a) 799 554 552” (p. 187) |
| C03 Operating cash flow lifted by a rise in payables or other balances | The rise in trade and other payables in the cash flow statement, divided by net cash from operating activities, in the year where that share was largest. Every movement in the latest year's operating cash flow is also read, and the largest inflow among them is divided by net cash from operating activities. |
| C04 Operating cash flow below profit before depreciation | Net cash from operating activities divided by operating profit plus depreciation: in the latest year, and over the years given taken together. |
| C05 Receivables growing faster than revenue | On the figures read: “- Trade receivables 17 31 54 53” (p. 184); “Revenue 7 1,346 990 836” (p. 183) |
| C07 Revenue changed sharply in the latest year | On the figures read: “Revenue 7 1,346 990 836” (p. 183) |
| D01 Working capital statement qualified or not sufficient | On the figures read: “In the opinion of the Company, the working capital available to the Group is sufficient for its present requirements; that is for at least the next 12 months following the date of this document” (p. 335) |
| D02 Material uncertainty about going concern | On the figures read: “we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s or the group’s ability to continue as a going concern” (p. 179) |
| D03 Significant change since the latest balance sheet | On the figures read: “There has been no significant change in the financial position or financial performance of the Group since 30 June 2026, being the end of the last financial period for which Interim Financial Statements have been published” (p. 335) |
| G01 Borrowings high against equity | Borrowings (current and non-current, leases excluded) at the latest year end, divided by total equity. |
| G02 Operating profit covers finance costs only a few times | Operating profit divided by total finance costs in the latest year. What the finance costs consist of, in the document's words: “Net exchange loss 15 ... Bank charges 2 ... Interest on borrowings 0 ... Interest on lease liabilities 0 ... Net loss on derivative financial instruments - ... Other finance charges(1) 35 ... 52” (p. 210). |
| H03 Reporting accountant's opinion modified | On the figures read: “give a true and fair view of the state of the group’s affairs as at 31st March 2026, 31st March 2025 and 31st March 2024 and of its profit for each of the years then ended” (p. 179) |
| I02 Chief executive also chairs the board | On the figures read: “Arijit Ranjan Sarker 55 Singaporean Independent Non-Executive Chair 3 September 2026 Ian Basil Ferrao 43 British Chief Executive Officer 1 October 2022” (p. 139) |
Not identified in the sections read
Nothing was found in the sections named. This is not an assurance that the matter is absent.
| Check | Sections read |
|---|
| A05 Consideration payable to former owners on admission | Historical financials, material contracts |
| E01 Customers with a big share of revenue | Customers, risk factors, historical financials, business |
| H01 Prior period errors corrected | Historical financials |
| H02 First financial information under IFRS | Historical financials |
| J02 Regulator investigation or enforcement | Litigation, risk factors |
| M01 The document's own figures do not agree | Statistics, share options, customers, risk factors, historical financials |
Not assessed
- C06 Gross margin fell: the figures this check needs were not found in the document.
- M03 Differences between parts that the document explains: not assessed by the automated comparison ledger: no figure was read in two places. Separate arithmetic and disclosure checks are reported under M01.
Skipped
- A02 The company's money is for costs and general working capital only: The company issues no new shares and receives none of the money raised.
- A03 Costs of the offer take a large share of the company's money: The company issues no new shares and receives none of the money raised.
- A04 Part of the company's money goes to directors or existing shareholders: The company issues no new shares and receives none of the money raised.
- B04 Options against the enlarged share capital: The document does not state the figure this check needs.