Airtel Money, the mobile money and digital payments arm of Airtel Africa, has announced plans to float on the London Stock Exchange (LSE), in what could become one of the largest London IPOs in recent years.

The proposed IPO is expected to value Airtel Money at between $8bn and $9bn, with existing shareholders aiming to raise at least $800m through the share sale. The flotation will consist entirely of existing shares, so Airtel Money itself will not receive proceeds from the sale.

The company has also secured a cornerstone investment agreement with the International Finance Corporation (IFC), the private-sector investment arm of the World Bank Group. The IFC has agreed to purchase up to £67.2m of shares at the final offer price, subject to customary conditions.

Airtel Africa, which currently owns 77.85% of the business, is expected to remain a long-term strategic shareholder following the listing.

The prospectus is expected to be published in early October, with the final offer price currently expected to be announced in mid-October.

It would be a bog boost for the City’s IPO market following a period in which the UK market has faced competition from overseas exchanges and private capital.

Airtel Money operates across 13 African markets and had around 53 million monthly active users at the end of June 2026. Its services include payments, money transfers, savings, insurance, lending and other financial products, with total processed transaction value reaching $213bn in the 12 months to June.

The business generated $1.346bn of revenue in the year to March 2026, with an EBITDA margin of around 50%. Revenue has grown at a compound annual growth rate of 32% since 2018, while the company said it has no external borrowings and remains highly cash generative.

Airtel Money said it has an opportunity to convert more than 75 million Airtel Africa telecoms subscribers across its markets who are not currently Airtel Money customers. It said deeper penetration of its existing customer base, increased use of its app and expansion into additional financial products would provide further growth opportunities.

Ian Ferrao, CEO of Airtel Money, said: "Today marks the start of a new chapter for Airtel Money as we announce our plans to list on the London Stock Exchange. A London listing will underpin our next wave of growth.

"Digital transaction volumes across our footprint are forecast to grow around fivefold by 2031, and we can capture this opportunity by accelerating conversion of the growing Airtel Africa telco subscriber base, moving customers onto our app where they transact more often, and by broadening the range of products we offer them.

“We are approaching this from a position of financial strength. The business is debt-free, capital-light and highly cash generative, which is why this Offer consists solely of shares sold by existing shareholders and no new capital is being raised. 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.”

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