Airtel Money announces IPO plans, targets London Stock Exchange listing
Airtel Money has announced plans to list its shares on the London Stock Exchange in a proposed initial public offering, as the African digital financial services business moves toward a potential public listing.
The company, which operates across 13 African markets, said the proposed listing would support its next phase of growth as it expands its customer base and broadens its digital financial services offering.
Airtel Money said further details of the proposed offering will be disclosed in a prospectus expected to be published in early October 2026, with the final offer price expected to be announced in mid-October following the book-building process.
Airtel Money outlines IPO details
Airtel Money said the proposed offer will comprise only existing shares, meaning it will not raise new capital through the IPO. The company expects to have a free float of at least 10% immediately after its admission to the London Stock Exchange.
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- International Finance Corporation (IFC) has also agreed to invest up to £67.2 million, approximately $90 million, in the offering as a cornerstone investor, subject to the final offer price and other conditions.
- The company said the indicative price range and size of the offer will be disclosed in the prospectus expected in early October 2026. The final offer price is expected to be announced in mid-October following the book-building process.
Ian Ferrao, CEO of Airtel Money, said the planned listing marks a new phase for the business, which has grown into one of Africa’s largest fintech platforms.
- “Today marks the start of a new chapter for Airtel Money as we announce our plans to list on the London Stock Exchange,” he said.
Ferrao said Airtel Money has grown to approximately 53 million monthly active users, supported by its technology infrastructure and agent network, with the scale of the business translating into revenue growth and strong margins.
- “A London listing will underpin our next wave of growth. The opportunity ahead of us is substantial and, importantly, there are many demographic and digital tailwinds within the markets that we serve,” he said.
Ferrao added that the company is approaching the listing from a position of financial strength.
- “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.
Airtel Money records strong customer and financial growth
Airtel Money said it had approximately 53 million monthly active users as of June 30, 2026, with its customer base growing at a compound annual growth rate of 20% between March 2018 and June 2026.
The Group’s total processed value (TPV) reached $213 billion in the 12 months ended June 30, 2026, representing a 33% compound annual growth rate in US dollar terms over the same period.
- Revenue reached $1.346 billion for the financial year ended March 2026, while EBITDA stood at $676 million. The business recorded an EBITDA margin of approximately 50% and a pre-tax cash conversion ratio above 90% in each of the last three financial years.
Airtel Money said it has no external borrowings, while capital expenditure represented 3% of revenue in the financial year ended March 2026.
- The company said it currently reaches 41% of Airtel Africa’s 128.9 million telecom subscribers, leaving more than 75 million subscribers who are not yet customers of its financial services platform.
The company said this provides room for further customer acquisition, while its relationship with Airtel Africa, its founding shareholder and telco partner, gives it access to an existing telecom customer base and distribution network.
Airtel Money’s path to the London listing
Airtel Africa has been preparing Airtel Money for a public listing for several years, with Nairametrics reporting in September 2025 that Citigroup had been selected as lead adviser for the planned IPO.
- At the time, Airtel Money had 45.8 million active customers and an annualised transaction value of $162 billion.
- Airtel Africa subsequently confirmed London as the preferred listing venue in July 2026, with the company saying the move would provide access to a broad international investor base. Nairametrics reported at the time that Airtel Money’s annualised total payment value had exceeded $245 billion.
The proposed listing follows the rapid expansion of Airtel Money within Airtel Africa. The mobile money business generated $1.08 billion in revenue in the financial year ended March 2026, up from $770 million a year earlier, according to Airtel Africa’s full-year results.
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