Airtel Money, the mobile money business of Africa-focused telecommunications group Airtel Africa, has confirmed plans to float on the Main Market of the London Stock Exchange in a potential boost for the UK’s efforts to attract major technology and fintech listings.
The business is expected to seek a valuation of around $9 billion, below earlier expectations of as much as $10 billion.
Trading is expected to begin in October, subject to regulatory approval and market conditions.
The planned flotation comes at a significant moment for London’s capital markets. UK-based AI infrastructure company Nscale recently opted to pursue a listing in New York, highlighting the continuing competition between London and US exchanges for fast-growing technology businesses.
An Airtel Money listing would provide a sizeable counterpoint, particularly given the company’s scale and its position at the intersection of financial technology and Africa’s rapidly expanding digital economy.
Airtel Money operates across 14 African countries and has more than 56 million active users. Revenue has risen by more than a quarter to $1.36 billion, according to the company.
The business has expanded beyond basic mobile payments into a broader financial-services platform, providing customers with services including payments and money transfers through mobile phones.
Its proposed London listing would also strengthen the exchange’s pipeline of fintech businesses at different stages of development.
The flotation follows a strong funding round for UK fintech Sprive, underlining London’s position across the fintech investment cycle, from venture-backed start-ups through to large public companies.
The Airtel Money listing could therefore offer a test of whether London can attract international technology and financial businesses at scale, rather than relying predominantly on domestic companies for new listings.
The planned $9 billion valuation would make Airtel Money one of the more significant new entrants to the London market in recent years and give investors exposure to the growth of digital financial services across Africa.
For London, the timing is particularly important. The city has faced sustained competition from US exchanges, where deeper pools of capital and strong valuations have encouraged some technology companies to look overseas.
Airtel Money’s decision to list in London nevertheless points to the potential attractions of the UK market for international businesses seeking access to global investors.
The flotation remains subject to regulatory approval and market conditions, meaning its final valuation and timing could change before trading begins.
If completed as planned in October, the listing would provide a high-profile test of London’s ability to compete for major international fintech businesses at a time when the UK is seeking to strengthen its position as a global financial and technology centre.
Susannah Streeter, Chief Investment Strategist, Wealth Club said: “The London market is celebrating a much-needed win, with fintech platform Airtel Money set to list on the LSE. After bracing to wave goodbye to Nscale, one of Britain’s AI infrastructure powerhouses, which has been lured by the bright lights of New York, there will be a sigh of relief that the Airtel Money IPO is going to get over the line.
The $9 billion valuation expected for the mobile money arm of Airtel Africa is short of previous expectations, but even at this level it would still make it one of the biggest listings since Wise, another big fintech player, back in 2021.
This is helping cement London’s reputation as a big fintech centre of excellence, able to create the right base for start-ups and spin-offs to take big steps into a listed future. It bodes well for fledgling newcomers and scaleups and comes hot on the heels of the successful funding round for Sprive this week.
The listing has been a long time coming, with plenty of hiccups on the way, and the geopolitical situation increasing volatility on the markets won’t have helped. Airtel Africa had to make this deal work given that minority investors in the mobile money business, including Mastercard, put options dating back to 2021 on the investment, giving them the right to force Airtel Africa to buy back their stakes, at a cost currently put at around $515 million, if the listing didn’t happen. “
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