Airtel Money, the mobile financial services arm of Airtel Africa, has announced plans to pursue an initial public offering (IPO) on the London Stock Exchange, potentially giving investors a separate market valuation for the business.
Airtel Africa disclosed on Wednesday that Airtel Mobile Commerce N.V., which operates Airtel Money, intends to seek admission to the Main Market of the London Stock Exchange and the UK Financial Conduct Authority’s Official List.
The proposed IPO will be a secondary share sale, meaning existing shareholders will sell part of their holdings while Airtel Money will not raise new capital from the flotation.
Airtel Africa currently owns 77.85 per cent of Airtel Money and said it expects to remain a long-term strategic shareholder after the listing, supporting the business as an independently listed company.
The planned flotation comes after months of preparation and a delay from the first half of 2026 amid difficult market conditions.
Reuters reported that Airtel Money is targeting a valuation of between $8 billion and $9 billion, with plans to raise at least $800 million through the sale of existing shares, although final terms are yet to be announced.
Airtel Money’s scale has strengthened the case for a standalone listing.
The business had about 53 million monthly active customers at the end of June 2026, while annualised transaction value had risen to more than $213 billion.
Revenue reached about $1.35 billion in the year ended March 2026, while EBITDA rose to $676 million.
The business also operates a network of more than 2.3 million agents across 13 African markets.
The company is expected to publish further IPO details, including the indicative price range and number of shares to be offered, in early October, with the final offer price expected later in the month.
For Airtel Africa, the transaction could provide a clearer market valuation for its mobile-money business while allowing the telecoms group to retain a substantial strategic interest.
The proposed listing could therefore give investors a new reference point for assessing the value of Airtel Africa’s stake in the mobile-money business.
However, Airtel Africa cautioned that the IPO remains subject to change.
The company said there is no guarantee that a prospectus will be published, that the IPO will proceed or that the shares will ultimately be admitted to trading.
The proposed listing would also provide a test for London’s IPO market, which has experienced a prolonged slowdown in new listings.