Airtel Money, the mobile money division of Airtel Africa, plans one of London's largest initial public offerings (IPO) in years, targeting a valuation of up to $9 billion. The payments firm, ultimately controlled by Indian billionaire Sunil Bharti Mittal, aims to raise approximately $800 million (£601 million) from the flotation on the London Stock Exchange.
This significant listing could provide a much-needed boost for the UK market, which has faced a string of recent company departures and struggled to attract new listings. Airtel Money's planned debut would rank among London's biggest since the international payments company Wise floated in 2021 with a valuation of £8.75 billion.
Airtel Money operates across 13 countries in sub-Saharan Africa, including Uganda, Zambia, and the Democratic Republic of Congo. It serves 53 million monthly active users through a network of branches and kiosks, allowing customers to load money onto phones, withdraw cash, and access other financial services.
The company generated just under $1.4 billion in revenue during its last financial year. More recently, revenue in the quarter ending June 30 climbed 38% to £399 million, according to Airtel Africa.
Airtel Africa, a telecoms provider and part of the Indian conglomerate Bharti Enterprises, is already listed on the FTSE 100. The company stated its desire for Airtel Money to be listed separately to gain future flexibility.
Ian Ferrao, Airtel Money's chief executive, explained the decision to list in London. "We evaluated multiple [stock] exchanges, including the Middle East because we've got a headquarters in Dubai, along with European and North American exchanges, " Ferrao said. "Ultimately, shareholders felt that London was the right choice."
Ferrao emphasized the availability of capital and market understanding in London. "We still believe there is deep capital available … all the global institutional investors are here, " he added. "Most importantly there's a deep understanding of emerging markets in the London market and Africa specifically."
Airtel Money expects to release further details about the float, including the indicative price range and the number of shares offered, in early October. Final pricing is anticipated later the same month.
Airtel Africa had initially targeted a listing for Airtel Money in the first half of 2026. However, the company delayed the IPO to the second half of the year, citing unfavorable market conditions influenced by the US-Israeli war on Iran. Several other companies also postponed their planned IPOs amid the market volatility caused by the conflict.
After the IPO, Airtel Africa will remain a long-term investor, retaining just under 78% ownership of Airtel Money. Minority stakes in the payments firm are currently held by TPG, Mastercard, the Qatar Investment Authority, and Chimetech Holding.
The move by Wise, which shifted its main listing from London to New York after its 2021 debut, underscores the challenges the City has faced in retaining and attracting major listings. Airtel Money's planned flotation could mark a turning point for the UK capital.
