• LSE valuation hits at £5.3bn, share value appreciates on first trade

Airtel Money, the digital financial services arm of Airtel Africa, has commenced conditional trading on the Main Market of the London Stock Exchange (LSE), with an offer price of £1.96 per share valuing the company at approximately £5.3 billion.

The listing, under the ticker symbol “AMC”, marks a significant milestone for one of Africa’s leading mobile money platforms, which serves approximately 53 million monthly active users across 13 African countries.

The London Stock Exchange announced the commencement of conditional trading, describing Airtel Money as a platform providing millions of customers and businesses with access to an expanding range of financial services and opportunities to participate in the digital economy.

The offer involves the sale of existing shareholders’ stakes. Airtel Money is not issuing new shares or raising fresh capital through the transaction.

Launched in 2011 as the mobile money arm of Airtel Africa, the platform has expanded beyond basic money transfers to offer payments, international transfers, virtual debit cards, credit, savings, investments and insurance. It also provides payment, collection and disbursement solutions to businesses and institutions, supported by a network of more than 2.3 million local agents.

In Nigeria, Airtel Money operates through SmartCash Payment Service Bank, Airtel’s licensed subsidiary, in line with the country’s regulatory framework for Payment Service Banks.

UK Business Secretary Jonathan Reynolds described the listing as another vote of confidence in the British economy and its business environment, arguing that the transaction demonstrated London’s continuing appeal to ambitious companies seeking access to international investors.

“This landmark IPO shows ambitious businesses continue to choose Britain to raise capital, access global investors and boost their growth,” Reynolds said.

He added that the listing reinforced London’s position among the world’s leading financial centres, particularly for African-focused businesses seeking connections to substantial pools of capital and international investors.

Airtel Money Chief Executive Officer Ian Ferrao said the listing marked the beginning of a new phase in the company’s development after 15 years of building its digital financial services platform.

“Today marks an important milestone for Airtel Money as we join the London Stock Exchange and begin the next chapter of our growth,” Ferrao said.

He said the company intended to expand its digital financial services ecosystem, deepen financial inclusion and support Africa’s transition towards a more connected digital economy.

“As a listed company, we will remain focused on expanding our digital financial services ecosystem, deepening financial inclusion and helping accelerate Africa’s transition to a more connected digital economy,” he said.

Ferrao added that the company expected its growth strategy to generate long-term value for customers, partners, communities, governments and shareholders.

The listing has also been welcomed as an example of the growing international reach of African financial technology businesses.

Mark Smithson, Country Director for the United Kingdom’s Business, Innovation, Science and Technology (BIST) in Nigeria, said the transaction demonstrated how Africa-focused companies could access international capital while maintaining their presence in the markets and communities they serve.

“Airtel Money reflects the growing strength, ambition and global competitiveness of African businesses,” Smithson said, adding that the listing highlighted London’s role in connecting fast-growing companies with investors, expertise and international networks.

He said the UK-Nigeria Strategic Partnership was helping to connect businesses with investment, expertise and opportunities to support job creation and sustainable economic growth.

“Together, we are supporting the next generation of African businesses to grow, innovate, and compete on the global stage,” Smithson said.

Airtel Money’s debut on the London market provides international investors with an opportunity to gain exposure to Africa’s expanding digital financial services sector, where mobile money platforms are increasingly facilitating payments, commerce and access to financial products.

The transaction also strengthens the visibility of African-focused fintech businesses in international capital markets, as demand grows for services that connect consumers and businesses to formal financial systems across the continent.

Meanwhile, shares in Airtel Money opened flat before rising as much as 2% in their London debut on Friday, a steady start to one of London’s biggest listings in years after a heavily oversubscribed offer. 

The stock was trading at £2 per share, above its £1.96 IPO price. The Sub-Saharan Africa-focused fintech had targeted a valuation of roughly $7 billion.

The muted start comes despite an offering that drew demand several times the shares available, with Airtel Money raising about $703 million from the sale of 270 million shares at a fixed price of £1.96 each.

The deal ranks as London’s largest IPO since Fermi Inc’s dual listing in September 2025, according to Dealogic data.

It comes against a sharp drop-off in new share sales since 2021, a slide that has continued year after year.

Several candidates in Europe and the US have delayed offerings amid rate rises and geopolitical uncertainty.

Britain has simplified its listing rules to attract more issuers, after a decade in which London’s stock market shrank as companies chased higher valuations abroad.