Airtel Africa’s mobile payments firm is heading for a stock market valuation of around £5.3 billion when it floats this month in what would be one of the biggest London listings in recent years.
Offer price and debut date
The group has set the offer price at £1.96 per share for its Airtel Money business with plans to make its stock market debut on October 14.
Airtel Africa, which is already listed on London’s FTSE 100 index, is looking to raise around 800 million US dollars (£601 million) from the initial public offering (IPO).
It wants Airtel Money to be listed separately on the London Stock Exchange, which would give the market a shot in the arm after an IPO drought and a string of firms being bought or switching their listings abroad.
Biggest since Wise in 2021
Airtel Money’s debut is thought to be the biggest since the flotation of fintech Wise in 2021.
Conditional dealing of Airtel Money shares is set to begin on October 9, ahead of unconditional share dealing when the market opens on October 14.
Existing shareholders in Airtel Money are expected to sell a total of 270 million shares worth around £529 million, while up to an extra 27 million shares could be sold if an over-allotment option is used.
Shareholder plans and cornerstone investment
Majority shareholder Airtel Africa is not expected to sell shares, except under the over-allotment option, as it said it plans to remain “a long-term strategic shareholder and to support Airtel Money’s next phase of growth as an independently listed business”.
International Finance Corp has agreed to buy up to £67.2 million of shares from existing shareholders at the offer price, as part of a cornerstone investment agreement.
Business scale and market impact
Airtel Money is used by around 53 million people across Africa to make payments, pay bills, withdraw cash and access other money services.
Its biggest business is offering digital wallets, which enable people to store and transfer money, and access to loans and savings accounts.
Operating through a network of branches and kiosks, it generated revenues of around 1.4 billion US dollars (£1.1 billion) in the last financial year.
It is a subsidiary of Airtel Africa, a leading telecoms provider which is part of Indian conglomerate Bharti Enterprises.
Airtel Money is thought to be the first large African fintech to list on a global stock exchange.
The intention to pick the UK as the destination for an IPO is seen as welcome news for the City, which has attracted much fewer listings in recent years.
There have been a handful of IPOs this year following a spurt of activity towards the end of 2025, including the flotations of tinned tuna maker Princes Group and small business lender Shawbrook.
