Airtel Money has announced plans to list its shares on the London Stock Exchange as the African digital financial services platform prepares for its next phase of growth across the continent.
Airtel said it intends to undertake an initial public offering (IPO) and seek admission of its ordinary shares to the equity shares category of the Official List of the UK Financial Conduct Authority (FCA) and trading on the Main Market of the London Stock Exchange.
The planned listing will be a secondary share sale, meaning existing shareholders will sell shares rather than Airtel Money issuing new shares to raise capital.
Why Airtel Money is listing in London
According to Airtel Money CEO Ian Ferrao, the London listing is intended to support the company’s next phase of growth.
Airtel sees further opportunities to increase usage among Airtel Africa’s existing telecom subscribers, move more customers onto its app and expand the range of financial products available through the platform.
Airtel Money said digital transaction volumes across its markets are forecast to grow by around five times by 2031.
The company plans to pursue that opportunity by increasing conversion of Airtel Africa’s telecom subscribers into Airtel Money customers, encouraging greater activity through its app and expanding its product offering.
Because the IPO consists entirely of shares sold by existing shareholders, Airtel Money will not receive new capital from the offering. The company said the business is debt-free, capital-light and highly cash generative.
Airtel Africa will remain a major shareholder
Airtel Money was launched in September 2011 within Airtel Africa, which is part of Bharti Enterprises, the Indian conglomerate with interests spanning telecommunications, digital infrastructure, space communications, financial services, real estate, data centres and hospitality.
Airtel Africa currently beneficially owns 77.85% of Airtel Money’s issued ordinary share capital. In 2021, TPG, Mastercard, the Qatar Investment Authority and Chimetech Holding acquired minority stakes in Airtel Money for a combined consideration of $550 million.
Following the IPO, Airtel Africa is expected to remain a long-term strategic shareholder and continue supporting Airtel Money as an independently listed company.
When will the Airtel Money IPO price be announced?
Airtel Money said additional information about the IPO, including the indicative price range and size of the offering, will be included in its prospectus. The prospectus is expected to be published in early October 2026.
The final offer price will be determined after the prospectus is published and following a book-building process. The company currently expects to announce the final offer price in mid-October 2026.
Immediately after admission to the London Stock Exchange, Airtel Money expects its free float to be at least 10%.
The offering will be available to qualified institutional buyers in the United States under Rule 144A and to certain institutional investors outside the US under Regulation S, subject to applicable laws and regulations.
UK retail investors will be able to participate through participating investment platforms, retail brokers and wealth managers within the RetailBook partner network.
Banks appointed to manage the Airtel IPO
Citigroup Global Markets has been appointed as sole sponsor, lead left global coordinator and joint bookrunner. Barclays Bank, Merrill Lynch International, Goldman Sachs Bank Europe and J.P. Morgan Securities have been appointed joint global coordinators and joint bookrunners.
Absa Bank, BNP Paribas, Emirates NBD Capital, First Abu Dhabi Bank, Jefferies International and Standard Bank of South Africa have been appointed joint bookrunners, while BTIG has been appointed co-bookrunner.
The company also expects its directors and existing shareholders to enter into customary lock-up arrangements restricting the disposal of shares for a period following the listing.
IFC commits up to $90 million
Airtel Money also announced a cornerstone investment agreement with the International Finance Corporation (IFC), which has agreed to purchase up to £67.2 million (about $90 million) of shares from existing shareholders at the final offer price, subject to the final price and customary conditions.
The IFC’s cornerstone investment will provide an early institutional commitment to the Airtel Money IPO.
Under the agreement, the IFC can purchase up to £67.2 million, or approximately $90 million, of offer shares from existing shareholders at the final offer price. The investment remains subject to the final offer price and customary conditions.
A cornerstone investor typically commits to purchase shares ahead of an IPO’s completion, subject to the terms of the investment agreement.