Airtel Money Begins Trading in London After Biggest UK IPO in Five Years at £5.3 Billion Valuation

Airtel Money, the mobile payments arm of Airtel Africa, began conditional trading on the London Stock Exchange on Friday, October 9, in what is anticipated to be the largest IPO on the bourse in five years. The company, formally known as Airtel Mobile Commerce NV, set its offer price at £1.96 per share, giving it a valuation of approximately £5.3 billion.

Existing shareholders, including the Qatar Investment Authority and TPG Inc., sold 270 million shares at that price, raising roughly £529 million (approximately $698 million). The company is targeting total proceeds of around $800 million (£601 million) from the overall listing. Unconditional trading is scheduled to begin on October 14, the date of formal admission to the exchange.

The listing represents a significant moment for the London stock market, which has struggled in recent years to attract major new listings. Airtel Africa, the parent company, is already listed on the London Stock Exchange and is a constituent of the FTSE 100 index.