Sunil Mittal’s Airtel Money targets $9 billion London IPO

Indian billionaire Sunil Bharti Mittal’s Airtel Money has filed to list on the London Stock Exchange at a valuation of $8 billion to $9 billion, setting up what could be the City’s largest initial public offering in five years, though a smaller one than its owners first planned.

The mobile money arm of Airtel Africa, itself a FTSE 100 company controlled by Mittal’s Bharti Enterprises, announced its intention to float on Wednesday. It expects to raise about $800 million through the sale of existing shares by current holders, with an indicative price range due in early October and final pricing later in the month.

“From a company perspective, the listing gives us flexibility for the future,” chief executive Ian Ferrao said. He said the company had weighed exchanges in the Middle East, where it is headquartered in Dubai, and in Europe and North America before shareholders settled on London. “There’s a deep understanding of emerging markets in the London market and Africa specifically.”

The float has shrunk on its way to market. Bloomberg reported last week that the owners were scaling back from a $1.5 billion to $2 billion raise, and Airtel Africa’s shares fell when the cut emerged. Airtel Africa had first targeted the first half of 2026, then pushed the deal into the second half in May, citing volatility from the US-Israeli war on Iran, and chose London in July.

At $800 million on an $8.5 billion midpoint, less than 10% of the company would change hands, leaving a thin free float that could limit trading and make it harder for index funds to build positions.

Still, the numbers behind it are strong. Airtel Money generated revenue of just under $1.4 billion in the year to March, up 36%, and processed $196 billion in transactions. It has 53 million monthly active users across 13 sub-Saharan markets including Uganda, Zambia and the Democratic Republic of Congo, served through a network of branches and kiosks where customers load cash onto phones, withdraw and pay. Revenue in the quarter to June rose 38% to £399 million.

The valuation marks up what outside investors paid. TPG put in $200 million in 2021 at a $2.65 billion valuation, and Mastercard added $100 million; the Qatar Investment Authority and Chimetech Holding came in later. At the top of the range their stakes have more than tripled in five years.

Airtel Africa owns just under 78% and says it will stay a long-term investor. It listed in London and Lagos in 2019 at a valuation of about $4.4 billion, and Airtel Money is now its third-largest revenue line and its fastest-growing.

The listing gives London a rare win. The exchange has lost a string of companies to New York, including Wise, whose 2021 debut at £8.75 billion was the last float of this size. Whether the shrunken raise still counts as a turning point for the City is a question for October.