Airtel Money begins London trading in £5.3bn float

Summarised from 3 outlets · 4 reports · Updated 9 Oct, 09:31 · Archive

African mobile payments firm Airtel Money began trading on the London Stock Exchange on Friday in the largest IPO in five years, priced at £1.96 per share.

Airtel Money began trading on the London Stock Exchange on Friday in what both outlets confirm is the largest IPO in the City for five years, with shares priced at £1.96 each and a valuation of around £5.3bn.

The stock made a muted start. In conditional trading before the market opened, shares rose as much as £2 each, but eased back to £1.94 within the first hour of unconditional trading on Friday morning. Unconditional dealing is set to continue when the market opens on 14 October.

Airtel Money is a spin-off from separately listed FTSE 100 firm Airtel Africa, a leading African telecoms provider which is part of Indian conglomerate Bharti Enterprises. The firm is understood to be the first large African fintech to list on a global stock exchange. Airtel Money has grown rapidly and now boasts over 50 million customers. A successful flotation could open the door for a spot in the FTSE 100.

Existing shareholders including the Qatar Investment Authority and Mastercard offered 270 million shares, expected to raise around £529m. The International Finance Corporation, the private-sector arm of the World Bank Group, took a £67.2m cornerstone stake with around 34 million shares. UK retail investors were allocated 8 million shares through investment platform Retail Book.

Subil Bharti Mittal, founder and chairman of Bharti Enterprises, said the IPO was a 'vote of confidence in the UK as an attractive global destination for investment'. He cited the UK's 'stable business and policy environment attractive for long-term investors'. The listing adds to Bharti's investments in the UK, which include a stake in BT announced in 2024, a shareholding in Eutelsat alongside the UK Government, and Scottish resort Gleneagles.

The IPO is the largest to list in London since Wise in 2021. The London Stock Exchange has not landed an IPO north of £1bn since then, though Deliveroo has since delisted following takeover by US-based DoorDash, and Wise has downgraded its listing after switching its primary venue to New York.

How it is being reported

• Airtel Money kicks off £5.3bn IPO in biggest London float for five yearsThe group saw shares rise as much as £2 each from an initial price set at £1.96 in conditional trading, before the stock later eased back.Independent Business · 9 Oct, 09:07
• Airtel Money kicks off £5.3bn IPO in biggest London float for five yearsThe group saw shares rise as much as £2 each from an initial price set at £1.96 in conditional trading, before the stock later eased back.Evening Standard · 9 Oct, 09:07
• Airtel Money kicks off £5.3bn IPO in biggest London float for five yearsThe group saw shares rise as much as £2 each from an initial price set at £1.96 in conditional trading, before the stock later eased back.Independent Business · 9 Oct, 08:52
• Airtel Money set for £5.3bn valuation in biggest London IPO in five yearsAirtel Money will begin trading today on the London Stock Exchange in what is expected to be the largest initial public offering in the City for five years. The mobile payments firm has priced its shares at £1.96 apiece, which is expected to hand it a price tag of around £5.3bn. Existing shareholders, which include [...]City AM · 9 Oct, 07:41

In this story: Airtel Money · Airtel Africa · London Stock Exchange · Bharti Enterprises · Sunil Bharti Mittal · Qatar Investment Authority · Mastercard · International Finance Corporation

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