Airtel Money Debuts in London in Largest IPO on LSE in Five Years, Marking Fintech Milestone

Airtel Money, the mobile payments business spun off from FTSE 100 telecoms group Airtel Africa, made its conditional debut on the London Stock Exchange on Friday in the largest initial public offering on the exchange in five years.

Shares of Airtel Mobile Commerce NV, the company’s formal name, opened at £1.96 apiece and rose as much as 2.1% to £2.00 in early conditional trading, according to multiple reports. The stock later eased to £1.94 within the first hour. Unconditional dealings and full admission to trading are scheduled to commence on October 14.

The IPO valued the company at approximately £5.3 billion, or around $7 billion. Existing shareholders — including the Qatar Investment Authority and TPG Inc. — sold 270 million shares, raising roughly £529 million ($700 million). An over-allotment option of up to an additional 27 million shares could bring the total to £582 million, according to a statement reported by NDTV Profit and others.

Majority shareholder Airtel Africa participated only in the over-allotment sale and said it plans to remain a long-term strategic shareholder, supporting Airtel Money’s next phase as an independently listed business. The International Finance Corp has agreed to buy up to £67.2 million of shares from existing shareholders at the offer price as part of a cornerstone investment agreement, according to reports from RTE and The Independent.

The listing is the largest on the London market since the flotation of fintech Wise in 2021, giving the embattled London Stock Exchange a boost amid a prolonged drought of new listings. Business Standard reported that London has experienced a shortage of first-time share sales entering its sixth year, and that Airtel Money opted to proceed at a volatile time for new listings, twice lowering its valuation expectations and marketing shares at a fixed price rather than the customary range to drum up investor appetite.

Airtel Money is used by around 53 million people across Africa to make payments, pay bills, withdraw cash and access digital wallets, loans and savings accounts. It operates through a network of branches and kiosks across 14 nations. The company generated revenues of approximately $1.4 billion in the last financial year, and processed $213 billion in the 12 months through June, according to Business Standard, which cited company data.

The firm is thought to be the first large African fintech to list on a global stock exchange, RTE and The Independent reported.

Sunil Bharti Mittal, founder of Airtel and chairman of Bharti Enterprises, welcomed the listing as a “vote of confidence in the UK as an attractive global destination for investment,” according to multiple sources. He said the UK offers a “stable business and policy environment attractive for long-term investors.” Mittal also highlighted Bharti’s existing UK investments, including a strategic stake in BT announced in 2024, a shareholding in Eutelsat alongside the UK government, and the Gleneagles resort in Scotland.

Airtel Money Chief Executive Ian Ferrao called the debut a “landmark moment” for the company. “Our listing in London marks an important new chapter for our business and reflects what we have built across Africa and the significant opportunity ahead,” he said in a statement reported by RTE, The Independent and Business Standard.

Susannah Streeter, chief investment strategist at the Wealth Club, said the £5.3 billion valuation was lower than first mooted but called the IPO a “much-needed win for the London market.” As reported by RTE and The Independent, Streeter added: “It is a valuable boost for the market, showing London can still provide a launchpad for ambitious start-ups and spin-offs to take the leap into public markets, at a time when the UK is keen to breathe new life into its IPO scene.”

Thisismoney reported that the debut is proving a hit among retail investors after a dearth of listings in the City.

Business Standard noted that the IPO has been seen as a sign of success for efforts by London Stock Exchange Group to attract more listings from abroad, including a new segment for secondary listings and rule changes by FTSE Russell to make it easier for foreign companies to access UK benchmarks.

The real test, analysts said, will come next week when unconditional trading begins. “The real test now will be next week when we’ll see whether more investors are prepared to back its growth story and if this long-awaited flotation can help restore confidence in London as a place for ambitious businesses in other sectors to list,” Streeter said.