Airtel Money, the mobile money arm of Airtel Africa, is targeting a valuation of about $7 billion in its London stock market debut, offering a potential boost for a market that has struggled to attract major listings in recent years.
The company said on Thursday it planned to sell 270 million shares at £1.96 each in its initial public offering, raising about $703 million ahead of its planned mid-October debut.
London's stock market has shrunk over the past decade as companies have sought higher valuations elsewhere, prompting Britain to simplify listing rules in a bid to attract more issuers.
At about $703 million, the offering would be London's largest IPO since Fermi Inc's dual listing in September 2025, according to Dealogic data.
The targeted valuation is slightly below the reported $800 million deal size that would have made Airtel Money the biggest London IPO in five years.
Following the offering, Airtel Money is expected to have a free float of about 16.5%, supporting trading liquidity while allowing existing shareholders to retain majority ownership.
Selling shareholders include TPG-backed private equity investor The Rise Fund II Aurora, Qatari sovereign wealth fund Qatar Holding, payments firm Mastercard and telecoms investor Chimetech.
Airtel Africa is expected to remain a long-term strategic shareholder after the IPO.