Airtel Money listing shows London is still one of the best places to grow a company
Airtel Money chief Ian Ferrao put it best: “when you look at all of the variables, London still comes out top”, writes Lucy Rigby
Reform to strengthen our capital market, making them more dynamic and competitive while preserving the high standards on which their success depends – that’s the change I believe we need to see and it’s the programme I’ve been driving as City Minister.
Today’s welcome news that Airtel Money has listed on the London Stock Exchange reflects the UK’s status as one of the best places to invest and grow. And I’m determined that this momentum continues.
The UK brings together businesses and investors from across the world. Our capital markets give companies access to international institutional investors, alongside specialist knowledge of fintech and emerging markets, among many other areas. With more than a third of firms listed on the London Stock Exchange headquartered overseas, the UK’s capital markets have a track record of supporting firms all over the UK, and all over the world, on their growth journeys.
That combination helps businesses raise the finance they need to grow, while giving investors access to new opportunities.
But a leading market such as ours cannot rely on its reputation alone. Businesses need a regulatory environment that is rigorous, stable and efficient. The government has undertaken an ambitious programme of reforms to make UK markets more attractive and accessible, while maintaining the high standards that underpin investor confidence.
The UK’s enduring appeal
Airtel Money’s decision to pursue a London listing is a clear illustration of the UK’s enduring appeal. This business serves more than 53m customers across 13 African countries. They have completed the largest London IPO since 2021.
The scale of the deal matters. So does the company’s choice of venue. Airtel Money selected London for its access to its deep pool of capital and specialist, expert investors.
This is not a one-off event. The demand in the market is there, as shown by recent UK listings including Shawbrook Bank, Princes Group, The Beauty Tech Group, Meridian Mining and the National Investment Fund of Uzbekistan. Likewise, the AIM continues to support UK growth companies to meet their needs. Earlier this year, Rosebank Industries raised the largest ever equity placing on AIM, raising over £1.9bn to fund the acquisition of two US industrial businesses.
A UK listing does not just start and end at the IPO either. The UK is phenomenal at supporting listed companies to continue growing. Over the past five years, over half of the companies listing in London returned to the market to raise additional capital. This far exceeds the rates on the Nasdaq and NYSE, highlighting London’s world-leading support for ongoing capital needs.
And, as Airtel Money’s chief executive Ian Ferrao said, “when you look at all of the variables, London still comes out top”.
We have a strong pipeline of talented and innovative companies looking to list thanks to London’s ability to connect high-growth businesses with global investors.
And we must be clear-eyed: competition between financial centres is real, and companies have choices. The UK must keep making the case through the quality of its markets and the support it offers businesses. That means continuing to improve how companies access capital, maintaining trusted regulation and drawing on the expertise of our financial services sector.
Airtel Money’s decision is the latest to show that London remains a compelling destination for global companies. Our task is to ensure that the UK continues to earn that confidence.
Lucy Rigby is economic secretary to the Treasury