Airtel Money plans London IPO targeting up to USD9 billion valuation

(Alliance News) - Airtel Africa PLC on Wednesday said its mobile money business intends to float on the London Stock Exchange, in a listing that could value the unit at up to USD9.00 billion.

The London-based telecommunications company said Airtel Mobile Commerce NV, known as Airtel Money, plans an initial public offering and admission to the Main Market of the London Stock Exchange.

The proposed IPO will consist entirely of existing shares sold by current Airtel Money shareholders, meaning the business will not raise any new capital.

Airtel Africa, which is majority-owned by Indian telecommunications company Bharti Airtel Ltd, currently owns around 78% of Airtel Money and expects to remain a long-term strategic shareholder following the flotation.

The Financial Times reported on Tuesday that Airtel Money is targeting a valuation of between USD8.00 billion and USD9.00 billion, with existing shareholders seeking to raise at least USD800 million through the IPO.

The flotation would make it one of London's largest IPOs in recent years, the newspaper said, adding that Airtel Africa had considered listing in the Middle East before opting for London.

Airtel Money said it has signed a cornerstone agreement with International Finance Corp in connection with the proposed IPO.

The digital financial services platform operates across 13 African markets and had around 53 million monthly active users as of June 30.

Its customer base grew at a compound annual rate of 20% between financial 2018 and the 12 months to June 30, 2026. Airtel Africa's telecommunications subscriber penetration rose to 41% from 20% over the same period.

Total processed value reached USD213 billion in the 12 months to June 30, having increased at a compound annual rate of 33% in US dollar terms since financial 2018.

Revenue reached USD1.35 billion in the financial year ended March 31, 2026, after growing at a compound annual rate of 32% since financial 2018. Earnings before interest, tax, depreciation and amortisation increased at a 40% compound annual rate over the same period.

Airtel Money reported an Ebitda margin of around 50% in financial 2026 and said its pretax cash conversion ratio had exceeded 90% in each of the past three financial years. It has no external borrowings.

Chief Executive Officer Ian Ferrao said: "Today marks the start of a new chapter for Airtel Money as we announce our plans to list on the London Stock Exchange."

He added: "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."

Airtel Money was launched within Airtel Africa in 2011. Minority shareholders TPG, Mastercard Inc, Qatar Investment Authority and Chimetech Holding Ltd invested a combined USD550 million in the business in 2021.

Airtel Africa said it will continue to support Airtel Money's development following the unit's transition into an independently listed business.

Shares in Airtel Africa opened 0.1% higher at 312.20 pence in London on Wednesday.

By Eva Castanedo, Alliance News senior economics reporter

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