London finally gets a big IPO. It's an African fintech
Airtel Money, the mobile-payments arm of Airtel Africa, plans a London listing worth up to $9bn. It could be the UK's biggest IPO since 2021, which says as much about London as it does about Airtel.
On Wednesday, Airtel Money, the mobile-payments arm of Airtel Africa, confirmed plans to list on the London Stock Exchange. It aims to raise at least $800m, and Bloomberg reports a target valuation of $8bn to $9bn. The FT put it at around £6.8bn. If it goes ahead, it could be the UK's biggest stock market listing since 2021.
That's good news for the City. It's also a slightly awkward reminder of how quiet London has been.
Because of that, I think our brand is very well known, so we're not walking in blind.
— Ian Ferrao, chief executive, Airtel Money
Mobile money, at African scale
If you've never heard of Airtel Money, that's because it doesn't operate here. It runs in 13 countries across sub-Saharan Africa and has more than 53 million monthly active users. People use it on their phones to pay bills, send money home, take out small loans, save and buy insurance, often in places where a traditional bank branch is a long way off.
The numbers are big. It made $1.36bn in revenue in its latest full year and processed $213bn of transactions in the 12 months to June. Its largest customer base is in East Africa, with a strong presence in Nigeria and French-speaking countries too.
One detail matters more than it looks. This is a sale of existing shares by current owners, not a fundraising for the company. Airtel Africa owns 77.85% and says it will stay as a long-term shareholder. The World Bank's International Finance Corporation has committed to buy up to £67.2m of shares. At least 10% of the company will be in public hands after the listing.
Why London, of all places
Airtel Africa itself has been listed in London since 2019, and its shares have almost quadrupled since. That's the main reason, and the Ferrao quote above says it plainly: investors here already know the name. Sunil Taldar, chief executive of parent Airtel Africa, also pointed to London's "emerging-market investor base and its understanding of fintech and payments".
The banks lined up to run the deal are Citigroup, Barclays, Bank of America, Goldman Sachs and JPMorgan. The prospectus and pricing are expected in October.
London's listings drought
Here's the UK angle, and it's not flattering. According to figures reported by Eastern Eye, only seven UK listings have raised a combined £577.2m so far this year, down from 23 listings raising £2.13bn in 2025. One sizeable fintech doesn't fix that. It would, however, give bankers and ministers a headline to point at after a long, dry spell, and City AM has already noted wobbles around other big hopes such as software group Visma.
It's also worth noticing what's been trimmed. Earlier expectations were for a raise of $1.5bn to $2bn, and the listing was originally pencilled in for the first half of 2026 before being pushed back. The deal London is getting is smaller and later than the one first talked about.
To be fair to Airtel
A secondary share sale gets a bad name because it can look like insiders cashing out. But this isn't a loss-making app with a story and no customers. It's a large payments business used by tens of millions of people, choosing London over New York or Mumbai. For UK pension funds and investors, it's a chance to own a slice of African fintech growth without leaving the London market. If it prices well, it could make the next company's decision to list here a little easier.
Mind the hype. One big listing doesn't end a drought. But London will take the rain.
Sources: Bloomberg, Business Today, Eastern Eye, Business Standard, FTI News Bytes (via the FT), City AM