Airtel Money plans London IPO at $8-9 billion valuation; may raise $800 million: reports

Airtel Money, the mobile payments business of Airtel Africa, has moved closer to a London initial public offering that could be among the City’s biggest in recent years. Reuters, citing a Financial Times report published on Tuesday, said the company was expected to file for the offering as early as Wednesday, with a target valuation of $8 billion to $9 billion and plans to raise at least $800 million from investors.

Bloomberg reported on Wednesday that Airtel Money had filed for a potential IPO in London, with the company saying it was considering a listing on the London Stock Exchange. Bloomberg said the offer would consist of existing shares being sold by current holders and could still be the UK’s largest IPO since 2021, despite being smaller than previously expected.

Airtel Africa did not immediately respond to a Reuters request. Reuters said the expected deal size was below the company’s earlier expectations, while Bloomberg News had reported last week that Airtel Money’s owners were considering scaling back the IPO from the previously targeted $1.5 billion to $2 billion range. Airtel Africa had said in July that it had picked the London Stock Exchange for the listing of its mobile money business.

Reuters also reported that in May, the Africa-focused telecoms group pushed back Airtel Money’s planned IPO to the second half of the year amid cost-related pressures arising from the ongoing US-Israeli war on Iran. Several other companies have also delayed IPO plans as the war has driven market volatility. Airtel Africa had earlier planned to list Airtel Money in the first half of 2026. The unit is the group’s third-largest revenue segment.

According to Bloomberg, Airtel Money operates a network of branches and kiosks across Africa that are used to pay utility bills, arrange microloans and buy goods. The company said it processed $213 billion in the 12 months through June and had about 53 million monthly active users. Company data show that East Africa is its largest customer base, with a strong presence in Nigeria and French-speaking Africa.

Bloomberg said the announcement came after the Financial Conduct Authority changed its rules earlier this year to shorten the IPO process by a week as part of efforts to make the UK market more competitive. Airtel Africa chief executive officer Sunil Taldar said on a conference call after first-quarter results that London’s emerging-market investor base and its understanding of fintech and payments were among the reasons for choosing the City as a listing venue.

London IPOs have raised less than $700 million so far this year, according to data compiled by Bloomberg, with the spring listing of Uzbek national investment fund UzNIF accounting for much of that total. Bloomberg said Airtel Money’s offering would take that tally above the $1 billion mark, with wealth manager Utmost Group Plc among the other companies weighing IPOs before the end of the year. Citigroup Inc, Barclays Plc, Bank of America Corp, Goldman Sachs Group Inc and JPMorgan Chase & Co are arranging the offering.