FT : Airtel Money poised to launch one of London’s biggest IPOs in recent years
African mobile payments group to file paperwork as early as this week as it looks to raise $800mn at $8bn-$9bn valuation
Airtel Money is poised to launch one of London’s biggest listings of recent years, as the African mobile payments company seeks to raise at least $800mn from investors.
The business expects to file paperwork for its initial public offering to the London Stock Exchange as soon as Wednesday, according to two people briefed on the plans who said it was aiming for a valuation of $8bn-$9bn.
Should the flotation proceed, it will be a boost to the UK stock market, which has struggled to attract large new listings.
Airtel Money operates through a network of agents, branches and kiosks across Africa, allowing users to deposit and withdraw cash using their mobile money accounts. It has more than 56mn customers and in the last full financial year reported revenues of $1.36bn.
Airtel Africa, the Indian-owned telecoms group that holds about 78 per cent of the business, considered a listing in the Middle East, the FT previously reported. However, it ultimately opted for London in part because of geopolitical tensions in the region.
Airtel Africa’s stake after the listing is yet to be determined, according to one of the people familiar with the matter.
Airtel Money would be among London’s largest market debuts in recent years. Others have included British fintech Wise, which was valued at almost £9bn in a direct listing in July 2021, and Magnum Ice Cream Company, which was spun off from Unilever last year with a £6.7bn valuation.
Several high-profile listings have been delayed this year.
Visma, the software group valued at about €19bn, pushed back its planned flotation following a wider sell-off in the sector, while other companies including roadside recovery group RAC and online travel agent Loveholidays also put off their plans.
There have been just seven UK listings this year, raising £577.2mn, according to data provided by the London Stock Exchange. In 2025 there were 23 London IPOs that raised £2.3bn in total.
The number of London-listed companies has also been depleted by a steady stream of takeovers, as private equity groups and foreign bidders snap up publicly traded companies.
UK politicians and policymakers have introduced a series of measures aimed at encouraging businesses to list in London, including a stamp duty exemption for new IPOs and lower free-float requirements to allow founders to keep more of their stakes.
Airtel Money’s decision to list in the UK was partly motivated by its parent company’s experience since its London IPO in 2019, the person with knowledge of the matter said.
Shares in Airtel Africa, which is majority-owned by Indian telecoms group Bharti Airtel, are up about 300 per cent on their IPO price, having almost tripled last year.
Airtel Money declined to comment.