Story
Airtel Money to Seek Up to $9 Billion Valuation in Major London IPO
Summary
The mobile money arm of Airtel Africa is planning what could be London's largest initial public offering since 2021, a move that could provide a significant boost to the city's flagging market for new listings.
Airtel Money, the mobile money division of Airtel Africa, intends to file for an initial public offering in London that could be the market's largest in years. The move signals a potential turning point for the London Stock Exchange, which has experienced a prolonged slowdown in new listings.
Offering Details
The company is expected to raise approximately $800 million through a secondary offering of existing shares, a source close to the matter told Reuters. This would give Airtel Money a potential market capitalization of between $8 billion and $9 billion.
Airtel Money said on Wednesday that it expects to disclose the indicative price range and the number of shares to be offered in early October, with final pricing anticipated in mid-October. The company is targeting a free float of at least 10% of its shares following the IPO.
A Shot in the Arm for London
An $800 million offering would mark 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 at Mergermarket. The listing comes as UK financial regulators have been working to simplify listing rules to make the city more attractive to international companies.
AdThe IPO was initially planned for the first half of 2026 but was postponed due to what the company cited as unfavorable market conditions. Despite recent volatility, Airtel Money CEO Ian Ferrao told Reuters he believes conditions are now "relatively good." "We believe in London and I think it’s going to be a good home for us," Ferrao added.
Business and Ownership
Airtel Money operates in Sub-Saharan Africa and reported a 38% jump in revenue to £399 million ($531 million) for the quarter ending June 30, with approximately 53 million monthly active users. London-listed Airtel Africa currently holds a 78% stake and will remain a long-term investor after the IPO.
Other minority stakeholders in Airtel Money include TPG, Mastercard, the Qatar Investment Authority, and Chimetech Holding. The company is legally headquartered in the Netherlands with strategic offices in Dubai.
Read next
More on Stocks
Volkswagen's Fortunes Tied to EU Trade Policy on China, Citi Says
Citi analysts maintained a Buy rating on Volkswagen but warned the automaker's stock performance over the next year hinges on potential EU trade protection against Chinese EV competition, following a recent profit warning.
Twilio Stock Nearly Doubles in 2026 on AI Infrastructure Thesis
Shares of the communications software company have surged almost 100% year-to-date as investors re-evaluate its role as a critical infrastructure provider for AI applications, supported by strong financial results.
Nasdaq Hits New Record High as Citi Highlights AI's Economic Support
The Nasdaq Composite closed at a new peak after five straight days of gains, fueled by optimism in artificial intelligence. Analysts at Citi note that AI investment is supporting the economy but caution that a drop in equity prices poses a significant risk.
UK Regulator Proposes Google Offer AI Assistants Like ChatGPT as Default Search Option
Britain's Competition and Markets Authority (CMA) has proposed requiring Google to allow users to select AI assistants such as ChatGPT as their default search service on Android and Chrome, aiming to boost competition.