Airtel Money plans London Stock Exchange IPO

Airtel Money, a mobile payments platform used across Africa, announced plans on Wednesday to float on the London Stock Exchange.

The company is a subsidiary of Airtel Africa, which is listed on London’s FTSE 100 index and is part of Indian conglomerate Bharti Enterprises.

Airtel Money has 53 million monthly active users across 13 African markets and generated $1.35 billion in revenue in its last financial year.

Financial media reports said the initial public offering is expected to be one of London’s biggest in recent years, with the company targeting a valuation of up to $9 billion.

Airtel Africa, which owns 77.85% of Airtel Money, said it planned to remain a long-term strategic shareholder and support Airtel Money as an independently listed business.

Dan Coatsworth, head of markets at AJ Bell, said the IPO was positive for the reputation of the London market and could be followed by more sizeable listings.

London has faced competition from New York, Paris and Amsterdam for company listings in recent years. Companies including Flutter and Arm have chosen New York over London.