Airtel Money confirms plans for multi-billion London IPO
Airtel Money has confirmed plans for a London IPO in what would mark one of the London Stock Exchange’s biggest flotations in years.
The African mobile payments business, which is controlled by Indian-owned telecoms group Airtel Africa, is reportedly seeking a valuation at as high as $9bn (£6.8bn).
The fintech, which operates via branches and kiosks across Africa and already has more than 50m active customers, is seeking to raise as much as $800m from investors.
Airtel Money chief executive Ian Ferrao said: “A London listing will underpin our next wave of growth. The opportunity ahead of us is substantial and, importantly, there are many demographic and digital tailwinds within the markets that we serve.
“This listing will give us the platform to continue transforming financial services across Africa and to keep building value for our customers, our partners, African governments and our shareholders.”
The listing, which could become the biggest in London since the blockbuster Haleon spin-off float in 2022, comes amid a dearth of IPOs in the capital as firms put plans on hold or snub London in favour of floating in New York.
Earlier this week it emerged that roadside assistance firm RAC had put the brakes on a £5bn London IPO in favour of a private sale, while software group Visma has pushed back plans for a London debut that could have valued the firm at over £15bn. Just seven companies have listed in London so far this year, raising a combined £577m.
Airtel Money was reportedly weighing a listing in other venues, including in the Middle East, but opted to stick with London to be in the same market as its sister firm Airtel Africa, which debuted in 2019.
First launched in 2011, the firm operates one of Africa’s largest physical distribution
networks, with over 2.3m agents and more than 40,000 retailers.
Airtel Money said it would include an offer to UK retail investors as part of the float via a tie-up with Retail Book.