Airtel Money is preparing to take a significant step towards becoming a publicly traded company, with the mobile money business of Airtel Africa announcing plans to pursue an initial public offering in London later this year.
The proposed listing could become one of the more significant new offerings in a London market that has endured a prolonged slowdown in IPO activity, particularly as companies have become more cautious about tapping public markets amid volatile global economic and geopolitical conditions.
Airtel Money had initially planned to pursue the listing in the first half of 2026 but pushed the timetable into the second half of the year, citing unfavourable market conditions linked to the U.S.-Israeli war against Iran.
The company said it expects to provide further details on the proposed offering in early October, including an indicative price range and the number of shares to be sold. Final pricing is expected in mid-October.
$8 billion-$9 billion valuation targeted
The Financial Times reported that Airtel Money is targeting a valuation of between $8 billion and $9 billion through the IPO and is seeking to raise at least $800 million from investors.
The proposed transaction will be structured as a secondary offering, meaning existing shareholders will sell shares rather than the company issuing new shares to raise fresh capital.
Following the offering, Airtel Money is expected to have a free float of at least 10%, giving public-market investors a stake in the rapidly expanding payments business.
Airtel Africa will remain a long-term shareholder in the company after the listing.
“A London listing will underpin our next wave of growth,” Chief Executive Ian Ferrao said in a statement.
Ferrao said the company intends to use the opportunity to build on Airtel Africa’s large telecommunications customer base by offering mobile money users a broader range of payment solutions and other financial products.
Mobile money business continues to grow
The planned flotation comes as Airtel Money reports strong growth in both revenue and user numbers.
For the quarter ended June 30, revenue increased 38% to £399 million ($531 million), while the business had approximately 53 million monthly active users.
The figures underline the growing importance of mobile financial services to Airtel Africa, whose telecommunications operations provide the payments business with access to a large customer base across its African markets.
Airtel Money expects that growth to continue. The company is forecasting constant-currency revenue growth in the mid-20% range for the financial year ending March 2027, with growth expected to accelerate thereafter.
Airtel Africa to remain major shareholder
Airtel Africa currently owns approximately 78% of Airtel Money.
The remaining ownership is held by a group of minority investors, including TPG, Mastercard, the Qatar Investment Authority and Chimetech Holding.
The planned IPO will therefore give investors an opportunity to acquire shares in the mobile money business while allowing Airtel Africa and its existing shareholders to retain substantial interests.
The secondary nature of the offering also means the transaction will primarily provide liquidity to existing shareholders rather than directly injecting new capital into Airtel Money.
London market awaits new listings
The planned Airtel Money offering comes at a significant moment for London's capital markets.
The city has faced a prolonged period of weak IPO activity, with market conditions, valuations and investor sentiment influencing companies' decisions over whether and where to list.
A successful Airtel Money listing would provide a high-profile test of investor appetite for a fast-growing African financial technology and payments business on the London market.
The company is expected to publish the initial details of the offer in early October, followed by final pricing in the middle of the month.
With a target valuation of up to $9 billion and plans to raise at least $800 million, the proposed listing would give public-market investors a direct route into one of Africa's largest mobile money businesses as it seeks to expand its payments and financial-services offering across Airtel Africa's customer base.