Airtel Money Targets Up to $9 Billion Valuation in Major London IPO

Airtel Money, the mobile money division of Airtel Africa, is preparing to file for an initial public offering in London that could be the city's largest in years. The listing is expected to value the company at up to $9 billion and provide a significant boost to the UK's capital markets after a prolonged slowdown in new listings.

IPO Details and Valuation

Airtel Money is targeting a valuation between $8 billion and $9 billion and aims to raise approximately $800 million from the offering, according to a source cited by Reuters. The company announced that specific details, including the indicative price range and number of shares, are expected in early October, with final pricing to follow in mid-October.

The listing will be structured as a secondary offering of existing shares. Following the IPO, Airtel Money is expected to have a free float of at least 10%.

A Boost for the London Market

The planned offering comes as a potential turning point for the London Stock Exchange, which has struggled with a dearth of major new listings. An $800 million fundraising would make it London’s largest IPO since 2021, according to data from M&A analytics platform Mergermarket.

"London has not had a $1 billion-plus IPO since 2021, so the deal would undoubtedly be a positive for the exchange," said Samuel Kerr of Mergermarket. The news follows efforts by Britain's financial regulator to simplify listing rules to make the market more attractive.

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Company Rationale and Performance

Despite some market volatility, Airtel Money CEO Ian Ferrao told Reuters he believes conditions are "relatively good." The company had previously postponed the listing from the first half of 2026, citing unfavorable market conditions. "We believe in London and I think it’s going to be a good home for us," Ferrao said, citing the city's deep capital markets.

The Sub-Saharan Africa-focused company has demonstrated strong growth, with key figures including:

• Revenue for the quarter to June 30 jumped 38% to $399 million.
• It serves approximately 53 million monthly active users.

London-listed Airtel Africa currently owns about 78% of Airtel Money and will remain a long-term investor after the IPO. Minority stakeholders include TPG, Mastercard, and the Qatar Investment Authority.