Airtel Money prices London IPO at $7bn valuation
Airtel Money has priced its London initial public offering (IPO) at about $2.60 (£1.96) per share, valuing the mobile money business at about $7 billion (£5.3 billion) ahead of its debut on the London Stock Exchange later this month.
The fintech arm of Airtel Africa said on Thursday that existing shareholders will sell 270 million shares in the offer, worth roughly $700 million (£529 million) at the offer price.
A further 27 million shares may be sold under an over-allotment option, which would lift the deal to about $770 million (£582 million).
All the shares on offer are existing ones, meaning Airtel Money will not raise new capital from the listing. The proceeds will go to the selling shareholders, who were not named in the announcement.
Airtel Africa, which is itself listed in London and Lagos, will not sell shares except through the over-allotment option and will remain a long-term strategic shareholder, the company said.
The World Bank’s private-sector lending arm, the International Finance Corporation (IFC), has committed to buy up to $90 million (£67.2 million) worth of shares as a cornerstone investor.
Conditional trading is expected to start by October 9, with full admission and unconditional dealings set for 8am London time on October 14.
About 16.5 percent of Airtel Money’s shares will be in public hands after the listing, rising to roughly 17.5 percent if the over-allotment option is fully exercised.
The company said this would still make it eligible for inclusion in the FTSE UK indices.
The offer is open to institutional investors until 2pm London time on October 8. UK-resident retail investors can apply through RetailBook’s partner platforms, with a minimum of about $330 (£250), until 5pm the same day.
The retail offer is not open to investors in Kenya or other African markets.
The company, its directors and existing shareholders have agreed to lock-up periods barring them from selling further shares. These run for 180 days from admission for the company and existing shareholders, and 365 days for directors.
Citigroup is sole sponsor and lead left global coordinator. Barclays, BofA Securities, Goldman Sachs and J.P. Morgan are joint global coordinators.
South Africa’s Absa and Standard Bank are among the joint bookrunners, alongside BNP Paribas, Emirates NBD Capital, First Abu Dhabi Bank and Jefferies.
The pricing follows Airtel Money’s confirmation on September 23 of its intention to float. Its full prospectus is expected to be published later on Thursday.
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