AIRTEL MONEY CONFIRMS PLANS FOR LONDON STOCK MARKET LISTING

Airtel Money has confirmed plans to list on the London Stock Exchange, in what has been described as one of the exchange's largest flotations in years. The mobile payments business is controlled by Airtel Africa, an Indian-owned telecoms group. Reports suggest the company is seeking a valuation of as much as $9bn (£6.8bn). Airtel Money is reportedly aiming to raise up to $800m from investors through the listing. Airtel Money chief executive Ian Ferrao said a London listing would "underpin" the company's next wave of growth.

The fintech operates through branches and kiosks across Africa and has more than 50 million active customers, according to the company. One report noted that while the planned listing could rank among the London Stock Exchange's biggest in years, the scale is smaller than had previously been expected. The London Stock Exchange has faced scrutiny in recent years over its ability to attract large flotations, with several companies opting to list elsewhere. Airtel Money's move is being watched as a test of London's appeal to major international fintech businesses.

Ferrao said the opportunity facing Airtel Money was "substantial", citing what he described as demographic and digital tailwinds in the African markets the company serves. He said the listing would give the business a platform to continue "transforming financial services across Africa" while building value for customers, partners, African governments and shareholders. Further details of the IPO, including timing and final pricing, had not been confirmed at the time of reporting. City AM said its report on the plans was being updated as more information became available.