By Airtel Money Commerce N.V., the mobile financial services arm of Airtel Africa, said on Wednesday it plans to list on the London Stock Exchange, in what could become one of London’s largest listings in years.
The offer will consist entirely of existing shares sold by current shareholders, meaning the company itself will not raise new capital, Airtel Money said in a stock exchange filing.
The International Finance Corporation has agreed to invest up to £67.2 million ($90 million) as a cornerstone investor, subject to the final offer price and other conditions, the company said. Airtel Money expects a free float of at least 10% immediately after admission.
A prospectus with the indicative price range is expected to be published in early October, with the final offer price set to be announced in mid-October following a book-building process, the company said.
Citigroup Global Markets has been appointed sole sponsor and lead global coordinator, alongside Barclays, Merrill Lynch International, Goldman Sachs and J.P. Morgan Securities as joint global coordinators and bookrunners.
Absa Bank, BNP Paribas, Emirates NBD Capital, First Abu Dhabi Bank, Jefferies International and Standard Bank of South Africa are joint bookrunners, with BTIG acting as co-bookrunner.
“Today marks the start of a new chapter for Airtel Money as we announce our plans to list on the London Stock Exchange,” Chief Executive Ian Ferrao said in a statement.
Airtel Money operates a mobile money and digital financial services platform across 13 African markets, serving approximately 53 million monthly active users through more than 2.3 million agents and 43,000 exclusive retail outlets as of June 30, the company said.
Revenue reached $1.346 billion for the year ended March 31, 2026, having grown at a compound annual growth rate of 32% since the 2018 financial year, Airtel Money said. EBITDA rose at a 40% CAGR over the same period, with margins of approximately 50% for the latest full year.
Total processed value, a measure of transaction volumes moving through the platform, grew at a 33% CAGR to reach $213 billion in the twelve months to June 30, the company said. The company said it has no external borrowings and that capital expenditure represented 3% of revenue in the year ended March 2026.
Airtel Money’s board intends to pursue a minimum dividend payout ratio of 80% of consolidated net profit after tax, with payments expected semi-annually, subject to board discretion and regulatory and market conditions, the company said.
Airtel Africa, which is itself listed on the London Stock Exchange and Nigerian Exchange, owns 77.85% of Airtel Money’s issued ordinary share capital and is expected to remain a long-term strategic shareholder after the listing, the company said.
In 2021, TPG, Mastercard, the Qatar Investment Authority and Chimetech Holding acquired minority stakes in the business for a combined $550 million, according to the filing. Airtel Money was launched in September 2011 within Airtel Africa, itself a subsidiary of Bharti Enterprises, the Indian conglomerate controlled by billionaire Sunil Mittal.
Airtel Money said roughly 75 million telecom subscribers across Airtel Africa’s footprint are not yet customers of its financial services platform, representing scope for further customer acquisition given its access to an existing telecom distribution network.
The company said its penetration of Airtel Africa’s telecom subscriber base rose to 41% in the twelve months to June 30, from 20% in the year ended March 2018, and that penetration has already exceeded 70% in its top three markets.
Ferrao said digital transaction volumes across the company’s footprint are forecast to grow roughly fivefold by 2031, driven by converting telecom customers into app users and broadening the range of products on offer, including virtual cards, loans and savings.
The company operates an open API marketplace with approximately 8,000 partners as of June 30, and maintains banking connectivity with more than 170 institutions across its markets, according to the filing. It has also signed a 10-year card partnership with Mastercard, under which more than 875,000 virtual cards have been issued since a 2025 launch.
The proposed listing would add to a thin pipeline of large initial public offerings on the London Stock Exchange, which has faced years of subdued activity and a string of companies choosing to list elsewhere or delist.
Airtel Money’s offering is subject to regulatory approval, prevailing market conditions and completion of the prospectus process, the company said, meaning the timing and final size of the deal could still change.
The registration document will be available on the Financial Conduct Authority’s National Storage Mechanism once approved, and separately on Airtel Money’s IPO website, the company said.
