Airtel Money outlined plans to list on the London Stock Exchange through a secondary share offering with a public float of at least 10%, reviving an IPO that was delayed earlier this year.
The mobile financial services arm of Airtel Africa said existing shareholders will sell shares in the offering, with no new capital to be raised by the company. It also signed an agreement with International Finance Corporation, a global lender which will buy up to £67.2 million of existing shares at the final offer price.
Airtel Africa, which owns 77.9% of the business, is expected to remain a long-term strategic shareholder. The indicative price range and offer size are expected to be disclosed in a prospectus due early next month, with final pricing targeted for mid-October.
A source told Reuters the IPO could raise around $800 million and value Airtel Money at $8 billion to $9 billion.
Airtel Africa originally targeted an IPO for the first of half 2026 but delayed the plan in May, citing market conditions following geopolitical developments. In July, CEO Sunil Taldar confirmed London as the preferred listing venue, highlighting access to international investors and the opportunity to unlock value from the mobile money business.
Improved conditions
Airtel Money CEO Ian Ferrao told Reuters market conditions have since improved. “Yes, there’s some volatility right now, but if you look at a lot of the indexes, they are performing,” he reportedly added.
In the latest trading update, Ferrao said the listing would support the company’s “wave of growth”. “We are approaching this from a position of financial strength. The business is debt-free, capital-light and highly cash generative,” he explained.
“Digital transaction volumes across our footprint are forecast to grow around fivefold by 2031,” he added, noting Airtel Money plans to target greater conversion of Airtel Africa’s telecoms customer base by boosting app usage and offering a broader range of financial products including payments, lending, savings, insurance and cards.
Airtel Money now has approximately 53 million monthly active users and processed $213 billion worth of transactions from March 2018 to June 2026, with revenue hitting $1.4 billion in the year to March.