Update 2 – Airtel Money IPO aims for a valuation of $7 billion, boosting the London market.

The full article includes detailed information and background

Reuters, October 1 - Airtel Africa (AAF.L)’s mobile payments unit Airtel Money plans to target a valuation of around $7 billion in its London Stock Exchange (link) IPO, promising a boost for the London market, which has struggled in recent years to attract major listings (link).

On Thursday, the company announced plans to sell 270 million shares at a price of £1.96 per share in its initial public offering, aiming to raise about $703 million ahead of its planned mid-October listing.

Over the past decade, the size of the London stock market has steadily shrunk (link) as companies seek higher valuations in other markets, prompting the UK government to streamline (link) listing rules to attract more issuers.

According to Dealogic, the fundraising of about $703 million will be the largest initial public offering (IPO) in London since Fermi Inc. FRMI.O dual listing in September 2025.

The target valuation is slightly below the previously reported $800 million deal size; based on that amount, Airtel Money would have been the largest IPO in London in five years.

After the offering, Airtel Money's free float is expected to reach approximately 16.5%, which will help improve trading liquidity while allowing existing shareholders to retain majority control.

Shareholders selling include TPG-backed private equity investment vehicle The Rise Fund II Aurora, Qatar sovereign wealth fund Qatar Holding, payment company Mastercard, and telecommunications investment institution Chimetech.

Airtel Africa is expected to remain a long-term strategic shareholder after the IPO.

(1 USD = 0.7540 GBP)

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