LONDON: Airtel Mobile Commerce N.V., the parent company of Airtel Money, announced Wednesday that it intends to pursue an initial public offering and list its shares on the London Stock Exchange, alongside a cornerstone investment agreement with the International Finance Corporation.

The digital financial services platform, which operates across 13 African markets, said it would seek admission to the equity shares category of the Financial Conduct Authority’s Official List and to trading on the exchange’s Main Market.

Airtel Money reported approximately 53 million monthly active users as of June 30, 2026. The company, a mobile-led financial services provider aimed at populations with limited access to traditional banking, is majority owned by Airtel Africa plc, which holds a 77.85% stake and is expected to remain a long-term shareholder after the listing.

The company said its customer base grew at a compound annual rate of 20% from the year ended March 31, 2018, through the 12 months ended June 30, 2026, while its share of Airtel Africa’s telecom subscriber base rose from 20% to 41% over the same period. Total processed transaction value grew at a 33% compound annual rate in U.S. dollar terms to reach $213 billion.

Airtel Money reported revenue of $1.35 billion for the year ended March 31, 2026, with an EBITDA margin of about 50% and a pre-tax cash conversion ratio above 90% in each of the past three fiscal years. The company said it carries no external debt and that capital expenditures represented 3% of revenue in the most recent fiscal year.

Ian Ferrao, CEO of Airtel Money, commented: “Today marks the start of a new chapter for Airtel Money as we announce our plans to list on the London Stock Exchange. In just over a decade we have grown into one of Africa’s largest fintech platforms, built upon a scalable technology stack and an agent network that delivers essential financial services to approximately 53 million users every month, translating into strong revenue growth and industry-leading margins, delivered by a highly experienced management team.

“A London listing will underpin our next wave of growth. The opportunity ahead of us is substantial and, importantly, there are many demographic and digital tailwinds within the markets that we serve. Digital transaction volumes across our footprint are forecast to grow around fivefold by 2031, and we can capture this opportunity by accelerating conversion of the growing Airtel Africa telco subscriber base, moving customers onto our app where they transact more often, and by broadening the range of products we offer them.

“We are approaching this from a position of financial strength. The business is debt-free, capital-light and highly cash generative, which is why this Offer consists solely of shares sold by existing shareholders and no new capital is being raised. This listing will give us the platform to continue transforming financial services across Africa and to keep building value for our customers, our partners, African governments and our shareholders.”

Offer Structure

The IPO will consist of a secondary offering of existing shares sold by current shareholders. The International Finance Corporation has agreed to purchase up to £67.2 million, or about $90 million, of shares at the final offer price, subject to conditions.

The offering will target qualified institutional buyers in the United States under Rule 144A of the U.S. Securities Act, along with institutional investors outside the U.S. under Regulation S. U.K. retail investors will be able to participate through Retail Book Limited’s network of investment platforms and brokers.

Following the listing, the company said it expects a free float of at least 10%. Airtel Money said additional details, including price and size ranges, will be disclosed in a prospectus expected to be published in early October 2026, with final pricing anticipated in mid-October.

Citigroup Global Markets Limited is serving as sole sponsor and lead left global coordinator. Barclays, Merrill Lynch International, Goldman Sachs Bank Europe and J.P. Morgan Securities are joint global coordinators, with several additional banks serving as joint bookrunners and BTIG LLC as co-bookrunner.

Business Background

Airtel Money launched in September 2011 as part of Airtel Africa and Bharti Enterprises, an Indian conglomerate with interests spanning telecommunications and financial services. In 2021, TPG, Mastercard, the Qatar Investment Authority and Chimetech Holding Ltd. acquired minority stakes in the company for a combined $550 million.

The company operates a network of more than 2.3 million agents and over 43,000 exclusive retail touchpoints, along with partnerships with more than 170 banks and international transfer partners including MoneyGram and Remitly. It has issued more than 875,000 virtual cards through a 10-year partnership with Mastercard.

Airtel Money said its proposed dividend policy targets a minimum payout ratio of 80% of consolidated net profit after tax, with dividends expected semi-annually, subject to board discretion and business conditions.

The company cited demographic trends across its markets, including a median population age under 20 and rising smartphone penetration, as long-term growth drivers, along with continued expansion into lending, insurance, savings and merchant payment services.