Today represents a landmark moment, not just for new listing Airtel Money (LON:AMC) but for the London Stock Exchange. Based on the 196p placing price, the Africa-focused financial services group has a market value of £5.3 billion. That makes it one of London’s biggest IPOs in five years.
One of London’s largest recent IPOs
Airtel Money, or to give it its full name Airtel Mobile Commerce, provides financial services to customers across Africa. The company’s major shareholder, Airtel Africa (AAF:LON), which itself listed in London in 2019, has not sold any shares.
In 2021, Airtel Africa sold around 22% of the shares to a consortium of buyers for $550 million. That implied a valuation of $2.65 billion for the whole firm, whereas todays float values it at $7 billion.
The shares in today’s placing have come from the buying consortium which includes Qatar Holding, US payments firm Mastercard (NYSE:MA). Following the offering, the free float will be around 16.5% of the share capital.
The largest London IPO of the last five years was cross-border payments firm Wise (LON:WISE), which floated in 2021 with a market cap of £9.5 billion. The same year, food-delivery firm Deliveroo came to market with a valuation of £7.6 billion. DoorDash subsequently snapped up the UK firm in 2025.
Trading in Airtel Money was muted initially, with the shares gaining 4p to 200p despite the offer being over-subscribed. However, that still leaves the stock in contention for inclusion in the FTSE 100 at the next review. In June, the LSE dropped the minimum free float requirement for non-UK domiciled companies from 25% to 10%, so at 16.5% it qualifies.
Currently, the company most likely to relinquish its place in the FTSE 100 at the next review is IG Group (LON:IGG). Earlier this month, shares in IG collapsed after the firm cut its FY26 revenue guidance having previously raised its outlook.
Executives at the LSE will be breathing a sigh of releif at the lack of drama around Airtel Money’s IPO. However, more companies need to list, not least to replace the growing tally of UK businesses being bought out.
Today, Revolut co-founder and CEO Nik Storonsky told Bloomberg he favouors a US listing over London. The fintech has its eyes firmly on strengthening its presence in the US market and obtaining a full banking license.
With a private valuation of $115 billion, Revolut would be a major prize for London even as a dual listing. The business is Europe’s most valuable start-up and is worth more than Barclays (BARC) or Lloyds (LLOY).
