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

September 24th 2026

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Airtel Money, the mobile payments arm of FTSE 100-listed Airtel Africa, has confirmed plans for an initial public offering on the London Stock Exchange targeting a valuation of $8 billion to $9 billion. The company aims to raise approximately $800 million through a secondary offering of existing shares, which would make it London’s largest IPO since 2021. With 53 million monthly active users across 13 sub-Saharan African countries and revenue of just under $1.4 billion in its latest fiscal year, Airtel Money operates a capital-light business growing at about 20% annually. The listing was delayed from the first half of 2026 due to market volatility tied to the US-Israeli war on Iran, and valuation targets were reduced from an earlier $10 billion ambition. Airtel Africa, controlled by Indian billionaire Sunil Bharti Mittal’s Bharti Enterprises, will remain a long-term strategic shareholder following the float.

A mobile payments giant operating across sub-Saharan Africa is preparing to test London’s appetite for a major new listing, with Airtel Money confirming plans for an initial public offering that could value the company at up to $9 billion.

The fintech arm of telecom group Airtel Africa announced its intention to float on Wednesday, setting the stage for what would be the London Stock Exchange’s largest IPO in five years. The company is targeting roughly $800 million in proceeds from what will be a secondary offering of existing shares, according to people familiar with the matter.

Airtel Money, which counts 53 million monthly active users across 13 African countries including Uganda, Zambia and the Democratic Republic of Congo, operates a network of branches and kiosks enabling customers to load money onto phones, withdraw cash and access other financial services. The business generated revenue of just under $1.4 billion in its most recent financial year, with quarterly revenue jumping 38% to £399 million (approximately $528.6 million) in the three months to June 30.

The listing decision marks a significant vote of confidence in London, which has struggled with a prolonged drought of new flotations and a shrinking market over the past decade. The exchange has not hosted a $1 billion-plus IPO since 2021, according to Mergermarket data.

“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, an analyst at the M&A analytics platform.

Ian Ferrao, chief executive of Airtel Money, said the company evaluated multiple exchanges before settling on London, including venues in the Middle East, Europe and North America. The company maintains its legal headquarters in the Netherlands and strategic offices in Dubai.

“We evaluated multiple stock exchanges, including the Middle East because we’ve got a headquarters in Dubai, along with European and North American exchanges. Ultimately, shareholders felt that London was the right choice,” Ferrao said. “We still believe there is deep capital available. All the global institutional investors are here.”

He added: “Most importantly there’s a deep understanding of emerging markets in the London market and Africa specifically.”

The company said it would disclose further details in early October, including the indicative price range and number of shares to be offered, with final pricing expected later that month. Upon completion, Airtel Money anticipates a free float of at least 10%.

Airtel Africa, the FTSE 100-listed parent currently holding approximately 78% of Airtel Money, will remain a long-term strategic shareholder following the listing. Minority stakes are held by TPG, Mastercard, the Qatar Investment Authority and Chimetech Holding.

The IPO structure is notable for its secondary nature: no new equity is being raised for the company’s balance sheet. Instead, existing shareholders will sell a portion of their holdings, converting part of their private equity stake into liquid cash on the public market. This approach reflects Airtel Money’s capital-light business model and strong cash generation, which means the company does not require fresh capital to fund its growth.

A Familiar Face in a New Guise

For London, the listing carries both promise and caveats. Airtel Money is not an entirely new entrant to the market: its parent Airtel Africa is already an established FTSE 100 constituent with a market value of £11.3 billion (approximately $15.0 billion), ultimately controlled by Bharti Enterprises under Indian billionaire Sunil Bharti Mittal, who also holds a 25% stake in BT.

This existing presence means London entered the competition for the listing as a heavy favorite. Spinning off a subsidiary on a market where the parent is already well-known and understood is significantly easier than introducing an entirely new entity. Airtel Africa was one of the top-performing Footsie stocks last year, providing a track record that institutional investors can readily assess.

The two businesses remain closely linked operationally. Airtel Money grew out of Airtel Africa’s telecom operations, and one of its key growth opportunities lies in converting more of the parent company’s telephony customers into payments users. With 75 million potential recruits beyond the established 53 million monthly active users, the company has a substantial runway for expansion.

Ferrao emphasized the strategic benefits of the listing. “From a company perspective, the listing gives us flexibility for the future,” he said.

“This listing will give us the platform to continue transforming financial services across Africa and to keep building value for our customers, our partners, African governments and our shareholders,” he added. “The opportunity ahead of us is substantial and, importantly, there are many demographic and digital tailwinds within the markets that we serve.”

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