Airtel Money, the mobile money subsidiary of Airtel Africa, announced its intention to file for an Initial Public Offering (IPO) in London. This move is anticipated to be London's largest float in five years, with the company aiming to raise approximately $800 million. The IPO is expected to value Airtel Money between $8 billion and $9 billion, providing a much-needed shot in the arm for the London Stock Exchange which has seen a decline in new listings.
The listing will involve a secondary offering of existing shares, meaning no new capital will be raised by Airtel Money itself. Airtel Africa, which currently holds a 77.9% beneficial interest, intends to remain a long-term strategic shareholder after the IPO. The company operates across 13 African countries and reported a 38% jump in revenue to $531 million in its most recent quarter ending June 30, with about 53 million monthly active users.
Originally targeting a listing in the first half of 2026, the IPO was delayed to the second half due to unfavorable market conditions, specifically citing the U.S.-Israeli war on Iran. Despite this, Airtel Money's CEO, Ian Ferrao, expressed confidence in the current market conditions and London's deep capital availability, calling it a good home for the company. The move is seen as a significant boost for London's market, which has struggled with an exodus of companies and a scarcity of new listings in recent years.
