Airtel Money sets IPO price at £1.96, values business at £5.3 billion

Airtel Mobile Commerce N.V., the parent company of Airtel Money, has set the offer price for its planned initial public offering (IPO) at £1.96 per share, implying an estimated market capitalisation of £5.3 billion ($7 billion) when the company is admitted to the London Stock Exchange.

Airtel Money announced the offer price on Thursday, October 1, following its September 23 announcement confirming its intention to undertake an IPO.

The company said it intends to list its ordinary shares on the Main Market of the London Stock Exchange, with admission currently expected on October 14, 2026.

The company also expects conditional trading in the shares to begin on October 9, 2026, ahead of the commencement of unconditional dealings at 8:00 a.m. London time on October 14.

What the offer involves

Under the offer, certain existing shareholders are expected to sell 270 million existing shares, while up to an additional 27 million shares may be sold if the over-allotment option is fully exercised.

• Airtel Africa is not expected to sell existing shares in the offer other than pursuant to the over-allotment option. It is expected to remain a long-term strategic shareholder and support Airtel Money’s next phase of growth as an independently listed business.
• The International Finance Corporation (IFC) has also committed to participate in the offer and purchase up to £67.2 million ($90 million) worth of shares from existing shareholders at the offer price.
• Based on current indications from existing shareholders, approximately 16.5% of Airtel Money’s issued ordinary share capital is expected to be held in public hands if the over-allotment option is not exercised.

This could increase to approximately 17.5% if the maximum additional shares under the over-allotment option are acquired.

Airtel Money’s listing timeline

The company expects its prospectus to be published on October 1, containing further details of the offer.

The institutional offer is expected to close at 2:00 p.m. London time on October 8, while the retail offer in the United Kingdom is expected to close at 5:00 p.m. London time on the same day.

The retail offer will be available only to investors resident and physically present in the UK through participating investment platforms, retail brokers and wealth managers, with a minimum application amount of £250.

Airtel Money said its expected free float would make the company eligible for inclusion in the FTSE UK indices.

Airtel Africa to remain strategic shareholder

Airtel Africa is expected to remain a long-term strategic shareholder following the listing and support Airtel Money’s next phase of growth as an independently listed business.

• The company has also agreed to lock-up arrangements in connection with the IPO. Airtel Money’s lock-up period is 180 days from admission, while directors and existing shareholders will be subject to lock-ups of 365 days and 180 days, respectively, subject to certain exceptions.
• The offer is being coordinated by several international investment banks, with Citigroup Global Markets Limited serving as sole sponsor, lead left global coordinator and joint bookrunner.
• Airtel Money said the offer includes participation by qualified institutional buyers in the United States under Rule 144A, while certain institutional investors in the UK and elsewhere outside the US will participate under Regulation S.

The retail offer is restricted to investors resident and physically present in the UK and will be conducted through RetailBook’s partner network of investment platforms, retail brokers and wealth managers.

Airtel Money’s road to the IPO

Airtel Africa has been preparing to separate and list its mobile money business as part of efforts to unlock value from Airtel Money.

Nairametrics reported in September that Airtel Money had announced plans to list on the London Stock Exchange, with the business reporting $1.346 billion in revenue for the financial year ended March 2026.

The company had confirmed London as its preferred listing venue in July 2026, saying the listing would provide access to a broad international investor base. At the time, Nairametrics reported that Airtel Money’s annualised total payment value had exceeded $245 billion.

Airtel Money has also become an increasingly important part of Airtel Africa’s financial performance. In Airtel Africa’s full-year results for the year ended March 2026, mobile money contributed $1.08 billion to the group’s $6.4 billion revenue.