Airtel Mobile Commerce NV, popularly known as Airtel Money, plans to list on the London Stock Exchange through an initial public offering (IPO) comprising only shares sold by existing shareholders, with no fresh capital to be raised by the company, Airtel Africa said in a filing on the LSE on Wednesday.
The offer will also include a cornerstone investment of up to $90 million from the International Finance Corporation (IFC).
The company is yet to disclose the size of the offer or its indicative price range. These details will be included in the prospectus, which is expected to be published in early October. The final offer price is expected to be announced in mid-October after the completion of the book-building process. Airtel Money expects at least 10% of its shares to constitute the public free float following the listing.
Reports have pegged the proposed valuation of Airtel Money at $8-9 billion. At that valuation, the sale by existing shareholders could be worth around $800 million if the reported offer size materialises. The company, however, has not specified either the valuation or the total number of shares to be offered in its filing.
IFC has agreed to purchase up to £67.2 million, or about $90 million, of Airtel Money shares from existing shareholders at the final offer price, subject to customary conditions. Airtel Africa, which currently owns 77.85% of Airtel Money, is expected to remain a long-term strategic shareholder after the listing. TPG, Mastercard, Qatar Investment Authority and Chimetech Holding acquired minority stakes in the business in 2021 for a combined $550 million.
“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,” Ian Ferrao, CEO of Airtel Money, said.
The proposed listing comes as Airtel Money has scaled its operations across 13 African markets, serving about 53 million monthly active users as of June 30, 2026. The platform connects consumers, merchants, enterprises and agents, offering services ranging from money transfers and bill payments to merchant payments, loans, savings, insurance and virtual cards.
Airtel Money’s total processed value (TPV) stood at $213 billion in the 12 months ended June 2026, having grown at a 33% compound annual growth rate since March 2018. Revenue grew at a 32% CAGR over the same period, reaching $1.35 billion in FY26, while Ebitda stood at $676 million.
“We are approaching this from a position of financial strength. The business is debt-free, capital-light and highly cash generative,” Ferrao said, adding that the listing would support the company’s next phase of growth.