Indian billionaire’s payments firm plots biggest London flotation in years

A payments business that operates across Africa and is ultimately controlled by an Indian billionaire has announced its intention to float on the struggling London Stock Exchange.

Airtel Money, the mobile money arm of Airtel Africa, is planning one of the biggest UK listings in years, in a boost for the shrinking London market that has faced a string of recent departures.

The company is understood to be hoping to raise about $800m (£601m) from the initial public offering (IPO) and is targeting a valuation of $8bn to $9bn, which would make it one of London’s largest listings in recent years.

Airtel Money has 53 million monthly active users across 13 countries in sub-Saharan Africa, including Uganda, Zambia and the Democratic Republic of Congo.

It operates through a network of branches and kiosks, which enable customers to load money on to their phones, withdraw cash and access other money services, and the company generated revenues of just under $1.4bn in the last financial year.

Airtel Money’s parent company is Airtel Africa, a telecoms provider that is part of the Indian conglomerate Bharti Enterprises, which is ultimately controlled by the billionaire Sunil Bharti Mittal. Airtel Africa is already listed on the FTSE 100 but said it wanted Airtel Money to be listed separately.

“From a company perspective, [the listing] gives us flexibility for the future,” said Airtel Money’s chief executive, Ian Ferrao.

“We evaluated multiple [stock] exchanges, including the Middle East because we’ve got a headquarters in Dubai, along with European and North American exchanges. Ultimately, shareholders felt that London was the right choice. We still believe there is deep capital available … all the global institutional investors are here.”

Ferrao added: “Most importantly there’s a deep understanding of emerging markets in the London market and Africa specifically.”

Airtel Money said it would announce more details about the float in early October, including the indicative price range and number of shares to be offered, with final pricing to follow later in the month.

Airtel Africa had originally targeted a listing in the first six months of 2026 but delayed it to the second half of the year, blaming unfavourable market conditions as a result of the US-Israeli war on Iran. Several other companies also pushed back planned IPOs amid the market volatility caused by the conflict.

Airtel Africa owns just under 78% of Airtel Money and will remain a long-term investor after the IPO. Minority stakes are held by TPG, ​Mastercard, the Qatar Investment Authority and Chimetech Holding.

Revenue in Airtel Money’s most recent quarter to 30 June climbed 38% to £399m, according to Airtel Africa.

The decision to float Airtel Money in the UK could mark a turning point for the City, which has struggled to attract listings in recent times and has also been hit by departures, partly as a result of overseas takeovers of UK companies.

Airtel Money’s planned listing could be one of the biggest debuts since the international payments company Wise floated in 2021 with a valuation of £8.75bn. Wise has since moved its main listing from London to New York.