Key facts
- Airtel Money, a mobile money provider in Sub-Saharan Africa, plans to list on the London Stock Exchange.
- The company aims to raise around $800 million and is targeting a valuation of $8 billion to $9 billion.
- Airtel Money has 53 million monthly active users across 13 countries in Sub-Saharan Africa.
- The company generated revenues of just under $1.4 billion in the last financial year.
- Airtel Africa, the parent company, will retain a stake of just under 78% after the IPO.
- Airtel Money's chief executive, Ian Ferrao, cited London's deep capital, understanding of emerging markets, and positive experience as reasons for the listing choice.
Airtel Money, the mobile money division of Airtel Africa, is preparing for one of the largest initial public offerings in London in recent years, signaling a potential boost for the UK's capital markets. The company, which operates across 13 countries in Sub-Saharan Africa, aims to raise approximately $800 million and is targeting a valuation between $8 billion and $9 billion.
Chief Executive Ian Ferrao stated that multiple global exchanges were considered, including those in the Middle East, Europe, and North America, before selecting London. He highlighted the strength of London's investor community, its understanding of emerging markets and fintech, and the positive experience Airtel Africa has had as a listed company.
Airtel Money reported revenues of just under $1.4 billion in its last financial year, with revenue in the quarter ending June 30 increasing by 38% to £399 million. Airtel Africa, which is part of Indian conglomerate Bharti Enterprises controlled by billionaire Sunil Bharti Mittal, currently owns just under 78% of Airtel Money and will remain a significant investor post-IPO. Other minority stakes are held by TPG, Mastercard, the Qatar Investment Authority, and Chimetech Holding.
The planned listing comes at a time when London has faced challenges attracting new listings and has seen some companies depart. The IPO could be one of the most significant debuts since the international payments company Wise floated in 2021.