Airtel Money has begun conditional trading on the London Stock Exchange. The shares touched about £2.00, then eased to about £1.94, slightly below the issue price.
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Last Updated: Oct 09, 2026, 06:20:00 PM IST
Shares of Airtel Money opened flat before rising as much as 2% in their London debut on Friday, giving the city’s subdued listings market a steady start from one of its biggest IPOs in years. The stock traded at £2 in early dealings, above its IPO price of £1.96, after a heavily oversubscribed offer that valued the Africa-focused mobile money business at about $7 billion.
The IPO raised about $703 million through the sale of 270 million shares by existing shareholders. The offer was priced at £1.96 per share, implying a market cap of £5.3 billion, or about $7 billion. The company had earlier targeted a richer valuation, making the final pricing a little more conservative than initial expectations.
Airtel Money deal ranks as London’s largest IPO since Fermi Inc’s dual listing in September 2025, based on Dealogic data.
The listing also gives investors direct exposure to a fast-growing African digital payments business. Airtel Money operates across 13 sub-Saharan African countries and offers services such as payments, bill payments, cash withdrawals and other money services. The platform has about 53 million monthly active users, according to market reports.
Airtel Money has been carved out from Airtel Africa, the London-listed telecom company backed by Bharti Enterprises. Airtel Africa is expected to remain the majority shareholder and has said it will support Airtel Money’s next phase as an independently listed company. Airtel Africa was not expected to sell shares in the offer except through the over-allotment option.
The offer was a secondary sale, meaning the money goes to selling shareholders rather than to the company. Existing shareholders sold 270 million shares, with an additional 27 million shares available under an over-allotment option. Conditional trading started on Friday, while formal admission and unconditional dealings are expected on October 14.
The International Finance Corporation had committed to buy up to £67.2 million of shares from existing shareholders at the offer price as a cornerstone investor. That helped anchor the deal at a time when many companies in Europe and the US have delayed IPO plans because of high interest rates and geopolitical uncertainty.
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