Airtel Money targets London IPO that could value business at up to $9bn

Airtel Money has announced plans for a London flotation that could make it one of the biggest listings in the city in years. The mobile money arm of Airtel Africa is seeking to raise about $800m through an initial public offering and is targeting a valuation of $8bn to $9bn. The company said it wants to list separately from its parent, which is already on the FTSE 100.

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The business operates across 13 sub-Saharan African countries and says it has 53 million monthly active users. Its services are delivered through branches and kiosks that allow customers to load money on to phones, withdraw cash and use other financial services. Airtel Money also said it generated revenues of just under $1.4bn in the last financial year.

Chief executive Ian Ferrao said the company had considered several exchanges before settling on London. He said the group also looked at markets in the Middle East, Europe and North America, but that shareholders concluded London was the right choice. Ferrao said the city still offered deep capital pools and a strong understanding of emerging markets, particularly Africa.

The planned listing comes at a time when the London market has faced a series of departures and a broader loss of momentum. A flotation of this size would therefore be a notable boost for the exchange, which has been trying to attract larger international companies. Airtel Money is ultimately controlled by Indian billionaire Sunil Bharti Mittal through Bharti Enterprises, adding to the profile of the deal.

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Airtel Africa had originally aimed to list the business in the first half of 2026, but delayed the plan to the second half of the year. The company said the earlier delay was due to unfavourable market conditions. The new timetable now points to more details being released in early October, including the indicative price range and the number of shares to be offered.

What remains unclear is the final pricing and whether market conditions will support the target valuation. The company has said final pricing is expected later in the month after the early October update. Investors will also be watching whether the flotation proceeds as planned and how much demand there is for a large African payments business in London.

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