Airtel Money, the mobile payments division of Airtel Africa, has announced plans to pursue a listing on the London Stock Exchange, marking a potential major milestone for the exchange amid recent market challenges. The company operates across 13 countries in sub-Saharan Africa and serves approximately 53 million monthly active users through a network of branches and kiosks that provide cash loading, withdrawal, and money transfer services.
Airtel Money is targeting an initial public offering of approximately $800 million with a valuation between $8 billion and $9 billion, which would constitute one of London’s largest listings in recent years. The company generated revenues of just under $1.4 billion in its last financial year, with quarterly revenue reaching £399 million in the period ending 30 June, representing 38 percent growth from the prior year period. The flotation would be noteworthy for the London market, which has experienced fewer major listings and faced departures in recent times.
Airtel Money is controlled through Airtel Africa, a telecommunications provider that is part of Indian conglomerate Bharti Enterprises, ultimately owned by billionaire Sunil Bharti Mittal. Airtel Africa currently holds just under 78 percent of Airtel Money and intends to remain a long-term shareholder following the public offering. Minority stakes are held by investment firms including TPG, Mastercard, the Qatar Investment Authority, and Chimetech Holding.
Company leadership indicated that multiple stock exchange options were evaluated, including markets in the Middle East and North America, before selecting London. Officials cited the availability of institutional capital and deep expertise in emerging markets and African operations as key factors in the decision. The company originally targeted a listing in the first half of the year but delayed plans to the second half, citing unfavorable market conditions associated with regional geopolitical developments.
Airtel Money plans to announce additional listing details early in October, including indicative pricing and share quantities, with final pricing expected later that month.
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