AIRTEL MONEY TARGETS UP TO 9 BILLION DOLLAR VALUATION IN MAJOR LONDON IPO

LONDON, Airtel Money, the mobile payments business owned by Airtel Africa, is preparing for a major initial public offering in London that could value the company at as much as 9 billion dollars.

The company could file paperwork for the proposed listing on the London Stock Exchange as early as Wednesday, according to the Financial Times, which cited two people briefed on the plans.

Airtel Money is targeting a valuation of between 8 billion dollars and 9 billion dollars and is seeking to raise at least 800 million dollars from investors.

If completed at that valuation, the transaction would rank among the largest London stock market debuts in recent years and would put one of Africa's biggest mobile money businesses directly in front of international public market investors.

Airtel Money provides digital financial services across several African countries, allowing customers to send and receive money, make payments and deposit or withdraw cash through mobile accounts and a network of agents, branches and kiosks.

The business has grown rapidly alongside the wider expansion of mobile money across Africa.

According to the Financial Times, Airtel Money now has more than 56 million customers and generated approximately 1.36 billion dollars in revenue during its most recent full financial year.

Airtel Africa currently owns about 78 percent of the mobile money business. The size of its stake following the proposed IPO has not yet been determined.

The latest fundraising target is smaller than previously reported plans.

Airtel Money had earlier considered raising between 1.5 billion dollars and 2 billion dollars through the listing. Reports last week indicated that the company was considering reducing the size of the offering following feedback from investors.

Airtel Africa shares subsequently fell sharply after reports emerged that the IPO could be scaled back.

The company had initially planned to list Airtel Money during the first half of 2026 but later moved the proposed flotation to the second half of the year as geopolitical tensions and rising costs increased uncertainty across financial markets.

Airtel Africa selected London as the preferred location for the listing in July.

The group had also considered a possible Middle Eastern listing before choosing the London Stock Exchange.

The proposed IPO comes at an important moment for London's capital markets, which have struggled to attract major new listings.

Financial Times data showed only seven UK listings had taken place so far in 2026, raising approximately 577 million pounds combined.

An Airtel Money offering of at least 800 million dollars would therefore represent a significant transaction for the London market as policymakers seek to strengthen the city's position as an international destination for major companies seeking public listings.

The IPO could also provide investors with a major new benchmark for valuing Africa's rapidly expanding digital payments industry.

Mobile money has become a critical part of financial infrastructure across several African economies, particularly for consumers who have limited access to traditional banking services.

A successful Airtel Money listing would give global investors direct exposure to that growth while allowing Airtel Africa to unlock value from one of its most important businesses.

The proposed valuation and fundraising target have not yet been finalized, and the IPO remains subject to market conditions and completion of the listing process.

Airtel Money declined to comment to the Financial Times, while Airtel Africa did not immediately respond to Reuters' request for comment outside regular business hours.