London’s IPO drought could be broken by an African fintech

Airtel Money, the mobile money arm of Airtel Africa, intends to file for a public listing in London, it said on Wednesday, marking a potential turning point for a market that has faced a prolonged slowdown in new listings.

The company had originally targeted a listing in the first half of 2026 but delayed it to the second half, citing unfavourable market conditions tied to the US-Israeli war against Iran.

When Airtel Africa named London as its preferred listing venue in July, reports suggested the initial public offering could value Airtel Money at about US$10-billion (R162-billion) and raise some $1.5-billion.

The Financial Times reported on Tuesday that Airtel Money was now targeting a valuation of $8-billion to $9-billion and looking to raise at least $800-million from investors.

The IPO will be completed via a secondary offering of existing shares, meaning the proceeds will go to selling shareholders rather than to Airtel Money itself. After the listing, Airtel Money expects to have a free float of at least 10%.

The company said it would disclose further details, including the indicative price range and number of shares to be offered, in early October, with final pricing in mid-October.

“A London listing will underpin our next wave of growth,” CEO Ian Ferrao said in a statement. He said the company aims to capitalise on Airtel Africa’s subscriber base by offering those telecoms customers its payment and other products.

Shareholding

Airtel Africa owns about 78% of Airtel Money, with minority stakes held by TPG, Mastercard, the Qatar Investment Authority and Chimetech Holding. Airtel Africa will remain a long-term investor after the IPO, Airtel Money said.

Revenue in Airtel Money’s most recent quarter, to 30 June, jumped 38% to $399-million, and the business had about 53 million monthly active users, it said.

The company forecast revenue growth in the mid-20s in percentage terms at constant currency for the year to March 2027, trending higher thereafter.  — (c) 2026 Reuters, with additional reporting (c) 2026 NewsCentral Media