African fintech Airtel Money is preparing for a £529m share sale on the London Stock Exchange on 14 October, a deal that would almost match the £577m raised across all UK initial public offerings in the first half of 2026.
The company has priced its shares at £1.96, valuing Airtel Money at £5.3bn. Existing investors are expected to sell 270m shares, with a further 27m potentially available through an over-allotment option.
Seven companies listed in the UK during the first six months of 2026 and raised £577m between them, according to EY. Airtel Money's base offer is equivalent to about 92% of that total.
The comparison reflects how limited London's IPO market remains despite signs of improvement this year. Five of the seven first-half listings took place during the second quarter and £564m of the £577m raised came during those three months. The first quarter produced just two listings and £12.8m of proceeds.
Airtel Money's flotation differs from a conventional capital raising because none of the proceeds will go to the company. The offer consists entirely of shares being sold by existing shareholders.
Airtel Africa, which owns 77.85% of Airtel Money, is not expected to sell shares through the main offer and plans to remain a long-term strategic shareholder.
Minority investors in Airtel Money include TPG, Mastercard, the Qatar Investment Authority and Chimetech, which invested a combined $550m in the business in 2021.
The £1.96 offer price gives Airtel Money an estimated value of about $7bn, below the $8bn to $9bn valuation reported when its flotation plans were announced in September.
Airtel Money operates digital financial services across 13 African markets and had about 53m monthly active users at the end of June. Customers use the platform for services including payments, transfers, deposits and withdrawals.
The business generated revenue of $1.35bn in the year to March 2026, with earnings before interest, tax, depreciation and amortisation of $676m. It has no external borrowings.
Airtel Money chief executive Ian Ferrao said the company did not need to use the flotation to raise capital because the business was "debt-free, capital-light and highly cash generative".
He said: “A London listing will underpin our next wave of growth.”
Airtel Money expects digital transaction volumes across the African markets in which it operates to grow around fivefold by 2031. Its plans include converting more Airtel Africa mobile subscribers into Airtel Money customers, increasing use of its app and adding financial products.
The flotation is also open to UK retail investors through RetailBook, with a minimum application of £250. The retail offer is scheduled to close at 5pm on 8 October, with results expected the following day.
Airtel Money expects unconditional trading on the London Stock Exchange to begin at 8am on 14 October.