Mobile money arm of Airtel Africa plans one of the largest London listings in years; company cites investor familiarity with Africa and emerging markets as reasons for choosing the City.
Airtel Money aims for a $8bn–$9bn valuation and plans to raise about $800m in a London IPO.
The business has 53m monthly active users across 13 sub‑Saharan countries and generated just under $1.4bn in revenue in the last financial year.
# What happened
# Why London
Airtel Money's chief executive, Ian Ferrao, said the company evaluated several exchanges, including in the Middle East, Europe and North America, and that shareholders concluded London was the right choice. Management cited the depth of global institutional capital in London and a market understanding of emerging markets and Africa specifically.
# Business profile and scale
Airtel Money operates across 13 countries in sub‑Saharan Africa and reports 53 million monthly active users. Services include mobile wallet top‑ups, cash withdrawals and other financial services delivered through a network of branches and kiosks.
In the most recent financial year the business generated just under $1.4bn in revenue. In the quarter to 30 June, revenue rose 38% to £399m, according to Airtel Africa.
# Ownership and investors
Airtel Africa currently owns just under 78% of Airtel Money and intends to remain a long‑term investor after the IPO. Minority stakes are held by private equity and strategic investors, including TPG, Mastercard, the Qatar Investment Authority and Chimetech Holding.
# Timing and context
Airtel Money had initially aimed for a first‑half‑2026 listing but postponed to the second half, citing unfavourable market conditions linked to the US‑Israeli war on Iran and broader market volatility. The company will announce indicative price ranges and the number of shares in early October, with final pricing to follow later in the month.
# How this fits into London's market
If completed at the targeted valuation, Airtel Money would be one of London's biggest listings since Wise listed in 2021 with an £8.75bn valuation. The move comes at a time when the London Stock Exchange has seen a decline in listings and a number of large companies leaving or being taken over. Airtel Money's team frames the flotation as tapping London's investor base that understands emerging markets.
# Practical implications for investors and market watchers
# What to expect next
Airtel Money will publish more detailed IPO information in early October, including an indicative price range and share count. Final pricing is expected later that month.
The listing timetable and investor demand will determine whether the company hits its target valuation and how much capital it raises in practice.
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