Airtel Money Debuts on LSE in London’s Biggest Listing in Five Years

Shares of Airtel Mobile Commerce NV, operating as Airtel Money, opened for conditional dealings on the London Stock Exchange on Friday, October 9, in what multiple sources described as the biggest London listing since the flotation of fintech Wise in 2021. The stock rose as much as 2.1% above the offer price of £1.96 apiece, reaching £2.00, before easing back to £1.94 within the first hour of trading, according to reports.

The initial public offering valued the company at approximately £5.3 billion ($7 billion). Existing shareholders, including the Qatar Investment Authority and TPG Inc., sold 270 million shares at £1.96 each, raising roughly £529 million ($700 million). An over-allotment option allows for the sale of up to an additional 27 million shares, which could bring the total raised to £582 million. Majority shareholder Airtel Africa Plc only participated in the over-allotment sale, stating it plans to remain a long-term strategic shareholder and support 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, the Independent reported.

Conditional dealings began at 8 a.m. on Friday, with only investors allocated shares in the offering able to participate. Unconditional dealings and full admission to trading are scheduled to commence on October 14.

Airtel Money has been spun off from FTSE 100 firm Airtel Africa, a leading telecoms provider that is part of Indian conglomerate Bharti Enterprises. The company is thought to be the first large African fintech to list on a global stock exchange, according to the Independent.

Airtel Money operates through a network of branches and kiosks across Africa, serving around 53 million monthly active users who use the platform to make payments, pay bills, withdraw cash, and access money services including digital wallets, loans, and savings accounts. The company processed $213 billion in the 12 months through June, and generated revenues of approximately $1.4 billion (£1.1 billion) in the last financial year, as reported by multiple sources.

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

Airtel Money CEO Ian Ferrao said in a statement: “Today is a landmark moment for Airtel Money. 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.”

The IPO is seen as a test for London’s efforts to revitalize its capital markets after a prolonged drought in first-time share sales. Business Standard reported that Airtel Money twice lowered its valuation expectations and chose to market shares at a fixed price instead of a customary range, proceeding at a volatile time when several candidates in Europe and the US had postponed imminent offerings.

Susannah Streeter, chief investment strategist at the Wealth Club, described the IPO as a “much-needed win for the London market.” She said Airtel Money has “a compelling growth story, operating across 14 nations in Africa, a continent which has been at the forefront of digital payments technology.” She added: “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.”

The listing provides a boost to the London Stock Exchange, which has faced a dearth of new listings and has recently created a new segment for secondary listings from international firms.