Airtel Money has set its initial public offering price at £1.96 per share, equivalent to about N2,927, with the planned London Stock Exchange listing valuing the mobile-money business at approximately N9.5tn.
Airtel Africa disclosed this in an announcement on Thursday, saying Airtel Money’s implied market capitalisation at admission would be £5.3bn, approximately $7bn. The listing is expected to take place on October 14, 2026.
The valuation marks a major step in Airtel Africa’s plan to develop its mobile-money operation as a standalone financial-services business.
The company said existing shareholders are expected to sell 270 million Airtel Money shares under the offer, with up to 27 million additional shares available through an over-allotment option.
Airtel Africa is not expected to sell its existing Airtel Money shares, except under the over-allotment option, and will remain a long-term strategic shareholder in the business.
At the proposed offer price, about 16.5 per cent of Airtel Money’s issued ordinary share capital is expected to be held by public investors. This could rise to about 17.5 per cent if the over-allotment option is fully exercised.
The planned IPO comes about five years after Airtel Africa began bringing strategic investors into its mobile-money business.
In 2021, Airtel Africa’s mobile-money business was valued at $2.65bn following a $200m investment by TPG’s Rise Fund.
Since then, Airtel Money has expanded significantly across Airtel Africa’s markets.
The business now operates across the group’s 14 African markets and has become an increasingly important part of Airtel Africa’s operations. Airtel Africa describes the business as providing mobile-money services alongside its telecommunications operations.
The latest IPO valuation also comes as mobile money becomes an increasingly important part of Africa’s digital payments ecosystem.
Airtel Africa said Airtel Money will continue as an independently listed business, while the parent company will remain a strategic shareholder and support its next phase of development.
The company expects the proposed free float to make Airtel Money eligible for inclusion in FTSE UK indices, potentially broadening its exposure to institutional investors.
The N9.5tn figure is based on converting the £5.3bn implied valuation at an exchange rate of approximately N1,784.33 to the pound.