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Business

Airtel Money announces plans for London stock market listing

Airtel Money, the mobile money arm of Airtel Africa, says it intends to file for a London IPO that could rank among the City's biggest listings this year.

By Tom Ellery · · Updated · 2 min read

The Royal Exchange building in the City of London at night
Photo: Diego Delso, CC BY-SA 4.0, via Wikimedia Commons · source

Airtel Money, the mobile money arm of Airtel Africa, announced on Wednesday that it intends to file for an initial public offering in London, setting up what could be one of the City’s largest listings this year, Reuters reported.

The company had originally targeted a listing in the first half of 2026 but delayed it in May to the second half, citing unfavourable market conditions tied to the US-Israeli war against Iran.

The Financial Times reported on Tuesday that Airtel Money is targeting a valuation of $8 billion to $9 billion and seeking to raise at least $800 million from investors, citing two people briefed on the plans. The company has not confirmed those figures. Further offer details, including the indicative price range, are expected in early October, with full offer-price terms expected by mid-October.

The listing will be a secondary offering only: existing shareholders will sell shares, with no new capital raised, and the free float will be at least 10% on admission. The International Finance Corporation has agreed to buy a stake of up to £67.2 million ($89.7 million) from shareholders, and shares will also be offered to UK residents, the Wall Street Journal reported.

Airtel Africa, which owns 77.85% of Airtel Money, said it expects to remain a long-term strategic shareholder. Airtel Money serves about 53 million users a month across 13 markets in sub-Saharan Africa, and its chief executive said the business is “debt-free, capital-light and highly cash generative”.

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