Key facts
- Airtel Money has confirmed plans to list on the London Stock Exchange.
- The company aims to raise up to $800 million.
- The target valuation for the IPO is up to $9 billion.
- Airtel Money serves over 50 million active customers across 13 African countries.
- The business operates one of Africa's largest physical distribution networks with over 2.3 million agents.
- The flotation is expected to help accelerate Airtel Money's growth.
Airtel Money has formally confirmed its intention to list on the London Stock Exchange, a move that could value the African mobile payments business at up to $9 billion and raise approximately $800 million. This flotation aims to bolster London's listing pipeline and provide capital for Airtel Money's expansion across the African markets it serves.
The decision to choose London follows considerations of other financial hubs, including the Middle East and the United States. Airtel Money's chief executive, Ian Ferrao, stated that a London listing will "underpin our next wave of growth," citing substantial opportunities and positive demographic and digital trends in its operating markets.
The company, which operates across 13 African countries, boasts over 50 million active customers and a distribution network comprising more than 2.3 million agents and 40,000 retailers. Its capital-light business model and strong cash conversion are expected to be key selling points for investors.
This IPO would be one of the largest on the London Stock Exchange in recent years, potentially surpassing the $1.5 billion raised by Wise in 2021. It comes at a time when London has seen a slowdown in large listings. The company plans to include an offer for UK retail investors, providing an opportunity for individuals to participate in the float.