Airtel Money is preparing for one of the largest London stock market listings in recent years, targeting a valuation of between $8 billion and $9 billion as it seeks to expand its presence in Africa’s rapidly growing digital payments sector.
The mobile money business, controlled through Airtel Africa and ultimately linked to Indian billionaire Sunil Bharti Mittal’s Bharti Enterprises, plans to raise about $800 million through the proposed initial public offering.
Airtel Money currently operates across 13 African countries and has more than 50 million monthly active users. Its services allow customers to deposit and withdraw cash, transfer money and access other financial services through mobile accounts. The business generated about $1.4 billion in revenue in its latest financial year, while quarterly revenue rose 38% to £399 million in the three months to June.
Airtel Africa, which owns 77.85% of Airtel Money, said it intends to remain a long-term strategic shareholder after the listing. The proposed IPO will involve existing shareholders selling shares rather than Airtel Money raising new capital directly.
The planned flotation could provide a significant lift for London, where the number of major new listings has fallen sharply in recent years. Further details, including the indicative price range and number of shares to be offered, are expected in October.
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