Airtel Money is preparing to take a major step in its expansion journey with plans to list its shares on the London Stock Exchange, as the African digital financial services company moves closer to an initial public offering (IPO). The proposed listing will cover existing shares only, meaning Airtel Money will not raise new capital through the offer. The company, which operates across 13 African markets, said the listing is expected to support its next phase of growth and expand its reach across Africa’s rapidly growing digital finance market.

Details of the Airtel Money IPO are expected to become clearer when the company publishes its prospectus in early October 2026. The indicative price range and size of the offer will be disclosed in the document, while the final offer price is expected to be announced in mid-October following the book-building process. The company also expects at least 10% of its shares to be available to public investors after its admission to the London Stock Exchange. The International Finance Corporation (IFC) has agreed to invest up to £67.2 million, about $90 million, as a cornerstone investor, subject to the final offer price and other conditions.

The planned listing comes as Airtel Money reports strong customer and financial growth. The platform 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% since March 2018. Its total processed value reached $213 billion in the 12 months to June 2026, while revenue stood at $1.346 billion for the financial year ended March 2026. EBITDA reached $676 million, representing an EBITDA margin of about 50%, while the company said its pre-tax cash conversion ratio remained above 90% during each of the past three financial years.

Airtel Money CEO Ian Ferrao said the London listing represents a new chapter for the business, pointing to its growing customer base, technology infrastructure and agent network as key drivers of expansion. The company also said it remains debt-free and capital-light, with capital expenditure accounting for just 3% of revenue in the financial year ended March 2026. Airtel Money currently serves about 41% of Airtel Africa’s 128.9 million telecom subscribers, leaving more than 75 million subscribers who are yet to use its financial services platform.

The IPO plan follows several years of preparation by Airtel Africa, which has been positioning its mobile money business for a potential public listing. In 2025, Citigroup was selected as lead adviser for the planned IPO, while Airtel Africa confirmed London as its preferred listing venue in July 2026. The proposed listing comes after Airtel Money’s revenue rose to $1.08 billion in the financial year ended March 2026, from $770 million a year earlier, highlighting the rapid expansion of the business and its growing role in Africa’s digital payments ecosystem.

source: nairametrics