Airtel Africa Eyes $10 Billion London Listing for Mobile Payments Unit

Airtel Africa Plc is considering listing its mobile payments subsidiary, Airtel Money, on the London Stock Exchange in US dollars.

The move would align with the reporting currency and potentially make it one of the few companies to pursue a dollar-denominated listing in the UK market.

Airtel Africa operates in 14 countries and is dual-listed in London and Lagos. The company's finance business has 'achieved meaningful scale', with quarterly revenue exceeding $400 million, according to Gopal Vittal, executive vice-chair of Bharti Airtel.

Airtel Money targets a valuation of about $10 billion, which would make it the largest new flotation in London since July 2021. The service allows customers to transfer money through the mobile network and has a wide presence in Africa, including Kenya, Nigeria, and Tanzania.