Airtel Money, the mobile money subsidiary of Airtel Africa and controlled by an Indian billionaire, has announced its intention to pursue an Initial Public Offering (IPO) on the London Stock Exchange. This move is seen as a significant boost for London's struggling IPO market, which has experienced a decline in listings and company departures in recent years. The company aims to raise approximately $800 million from the offering and is targeting a valuation of between $8 billion and $9 billion, making it potentially one of London's largest listings since 2021.
The IPO, which will be a secondary offering of existing shares, is expected to provide a much-needed revitalization for the London market. According to Samuel Kerr at Mergermarket, London has not seen a $1 billion-plus IPO since 2021, highlighting the importance of Airtel Money's proposed listing. The company’s CEO, Ian Ferrao, expressed confidence in London's deep capital availability and its suitability as a home for the brand, despite current market volatility.
Airtel Money operates across 13 countries in sub-Saharan Africa, serving approximately 53 million monthly active users as of June 30, 2026. The company reported revenues of nearly $1.4 billion for the year ended March 31, 2026, with strong financial performance including a revenue CAGR of 32% and an EBITDA CAGR of 40% in U.S. dollar terms between 2018 and 2026. The offer will include a cornerstone agreement with the International Finance Corporation (IFC) to purchase up to $90 million of offer shares. Further details, including the indicative price range and share numbers, are anticipated in early October, with final pricing expected in mid-October.
