Airtel Money will file for a London listing that could raise about $800M, in what would be the city’s largest IPO since 2021.
The mobile money arm of Airtel Africa expects to disclose its price range and share count in early October, with final pricing in mid-October. A source close to the deal puts the market capitalization at $8B to $9B. No new stock is being issued: the deal moves existing shares from one holder to another, and the company expects a free float of at least 10% once it is done. Airtel Africa, for its part, intends to stay a long-term investor.
Its footprint spans Sub-Saharan Africa, while the legal home address is Dutch and Dubai hosts a set of strategic offices. TPG, Mastercard, the Qatar Investment Authority and Chimetech Holding all hold minority positions, with roughly 78% retained by Airtel Africa, the London-listed parent. About 53 million people used the service monthly in the quarter ended June 30, a period in which revenue climbed 38% to £399M.
Market conditions linked to the US-Israeli war on Iran pushed the deal out of its original first-half 2026 slot and into the second half. Chief executive Ian Ferrao told Reuters that conditions now look reasonably good, and that London’s depth of capital and the brand’s recognition made the decision easier.
Analysts at Mergermarket note the exchange has not hosted a $1B-plus listing since 2021, making the deal a test of whether simplified listing rules have revived it.
