Airtel Money, the mobile money arm of Airtel Africa, has announced its intention to list on the London Stock Exchange. The company, which operates across Africa and is controlled by Indian billionaire Sunil Bharti Mittal, is planning one of the largest UK listings in recent years.
The payments business is understood to be seeking to raise around $800m (£601m) from its initial public offering (IPO). It is targeting a valuation between $8bn and $9bn, which would position it as one of London's biggest listings in recent times.
Airtel Money's chief executive, Ian Ferrao, stated that shareholders ultimately chose London after evaluating multiple exchanges, including those in the Middle East, Europe, and North America. Ferrao noted the availability of deep capital and a strong understanding of emerging markets, particularly Africa, in London.
The company, which generated just under $1.4bn in revenues in its last financial year, has 53 million monthly active users across 13 sub-Saharan African countries. Its parent company, Airtel Africa, is already listed on the FTSE 100 but aims for a separate listing for Airtel Money.