Airtel Money gears up for London IPO; looks to raise $800 mn at $8-9 bn valuation

Airtel Money, the digital payments business of Airtel Africa, is preparing for a potential London listing that could rank among the UK’s largest initial public offerings (IPOs) in recent years. The company could raise around $800 million at a valuation of $8-9 billion, potentially making it the London Stock Exchange’s biggest IPO since 2021.

The proposed listing will involve the sale of existing shares rather than a fresh issue. Following the transaction, Airtel Money is expected to have a public float of at least 10%.

The International Finance Corporation (IFC) has agreed to invest up to £67.2 million, or around $90 million, by purchasing shares from existing shareholders at the final offer price.

Further details, including the indicative price range and issue size, are expected to be disclosed in the prospectus in early October. The final offer price is expected to be announced in mid-October, Airtel Money said in a release.

Airtel Africa to remain long-term shareholder after IPO

Airtel Money is a subsidiary of London-listed Airtel Africa, the telecom arm of India’s Bharti Enterprises, controlled by billionaire Sunil Bharti Mittal.

Airtel Africa owns 77.85% of Airtel Money and is expected to remain a long-term strategic shareholder following the listing. TPG, Mastercard, Qatar Investment Authority and Chimetech Holding acquired minority stakes in Airtel Money in 2021 for a combined $550 million.

Launched in 2011, Airtel Money has grown into a digital financial services platform operating across 13 African markets. It had around 53 million monthly active users as of June 30, 2026, alongside more than 2.3 million agents, over 490,000 merchants and more than 3,700 enterprises.

Listing to support next phase of growth, says CEO

Ian Ferrao, CEO of Airtel Money, said the London listing marks a new phase for the business after more than a decade of expansion.

“Today marks the start of a new chapter for Airtel Money as we announce our plans to list on the London Stock Exchange. In just over a decade we have grown into one of Africa's largest fintech platforms, built upon a scalable technology stack and an agent network that delivers essential financial services to approximately 53 million users every month, translating into strong revenue growth and industry-leading margins,” Ferrao said.

He said the listing would support Airtel Money’s next phase of growth, with digital transaction volumes across its markets forecast to increase around fivefold by 2031.

Ferrao said the company plans to capture this opportunity by converting more Airtel Africa telecom subscribers into Airtel Money customers, increasing app usage and expanding its product offering.

“We are approaching this from a position of financial strength. The business is debt-free, capital-light and highly cash generative, which is why this Offer consists solely of shares sold by existing shareholders and no new capital is being raised,” he said.

Revenue and EBITDA grow at double-digit CAGRs

Airtel Money’s transaction volumes and financial performance have expanded rapidly. Its total processed value (TPV) reached $213 billion in the 12 months ended June 2026, having grown at a 33% compound annual growth rate (CAGR) since the year ended March 2018.

Revenue grew at a 32% CAGR and EBITDA at a 40% CAGR over the same period. Revenue stood at $1.35 billion in FY26, while its EBITDA margin was around 50%. The company also reported a pre-tax cash conversion ratio of more than 90% in each of the last three financial years.

Airtel Money operates a broad financial services ecosystem spanning cash deposits and withdrawals, peer-to-peer and international money transfers, bill and merchant payments, and salary disbursements.

Its product offering also includes micro-loans, savings, insurance, wealth products and Mastercard virtual cards in select markets.

The company sees significant room for expansion by tapping Airtel Africa’s existing customer base. More than 75 million telecom subscribers across its footprint are not currently Airtel Money customers.

Airtel Money is also seeking to increase app adoption, expand its distribution network and broaden its product portfolio across merchant acquiring, e-commerce, lending, insurance, savings, wealth management and cards.

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