Airtel Money to file for delayed London IPO with $8bn to $9bn valuation

Airtel Money, the mobile money arm of Airtel Africa, will file for a delayed London initial public offering in what could be one of London's biggest listings in recent years.

The company could raise about $800 million from the offering, a source close to the matter said. That would give it a market capitalisation of between $8 billion and $9 billion. The IPO will proceed through a secondary offering of existing shares, after which Airtel Money is expected to have a free float of at least 10%.

October timetable

Details including the indicative price range and the number of shares to be offered are expected in early October, with final pricing in mid-October, the company said on Wednesday. The update came on September 23.

Airtel Money had originally targeted a listing in the first half of 2026 but postponed it to the second half. It cited unfavourable market conditions tied to the U.S.-Israeli war on Iran.

Chief Executive Ian Ferrao told Reuters: “I think we’ve got relatively good market conditions. Yes, there’s some volatility right now, but if you look at a lot of the indexes, they are performing (well).”

London market boost

Airtel Money’s listing could provide a much-needed boost for London’s stock market. London has been shrinking over the past decade as companies moved away for higher valuations. Britain’s financial regulator has simplified listing rules to make the market more attractive.

Ferrao said: “When it comes down to it, London has deep capital available … Our brand is well known, and that’s probably made it easier for us to walk into London and to talk to all of the investors.” He added: “We believe in London and I think it’s going to be a good home for us.”

Ownership and numbers

Airtel Africa currently owns about 78% of Airtel Money. Minority stakes are held by TPG, Mastercard, the Qatar Investment Authority and Chimetech Holding. Airtel Africa will remain a long-term investor after the IPO, Airtel Money said.

Revenue in its most recent quarter to June 30 jumped 38% to £399 million ($531 million), with about 53 million monthly active users. The company forecast constant-currency revenue growth in a mid-20s percentage for the year to March 2027, trending higher thereafter.