Airtel Money targets $7 billion valuation, plans $703 million London IPO

Airtel Money, the mobile money arm of Airtel Africa, is targeting a valuation of about $7 billion in its London stock market debut, offering a potential boost for a market that has struggled to attract major listings in recent years.

The company said on Thursday that it planned to sell 270 million shares at a fixed price of £1.96 each in its initial public offering, raising about $703 million ahead of a mid-October debut.

London's stock market has shrunk over the past decade as companies have sought higher valuations elsewhere, prompting Britain to simplify listing rules in an effort to attract more issuers.

London's largest IPO since Fermi Inc's

"The deal is a sign that London can still attract a sizeable international IPO, but it also shows that this is a buyer’s market in which companies have to be realistic about valuation," said IPOX Research Associate Lukas Muehlbauer.

At about $703 million, the offering would be London's largest IPO since Fermi Inc's dual listing in September 2025, Dealogic data shows.

Airtel Money's targeted valuation is slightly below the reported $800 million deal size that would have made it the biggest London IPO in five years.

"It's clearly a conservative structure," said Samuel Kerr at M&A analytics platform Mergermarket, adding that the fixed-price offer avoids the "psychodrama" of IPO price ranges and offers investors a clear take-it-or-leave-it choice.

Trading to begin on Oct 14

Airtel Africa had said it chose London for Airtel Money's IPO to tap a broad international investor base for the Sub-Saharan Africa-focused fintech company, which is headquartered in the Netherlands and has strategic offices in Dubai.

Following the secondary offering, which will not result in any proceeds to Airtel Money or its parent, the company is expected to have a free float of about 16.5%.

Trading in its shares is due to begin on October 14.