Does Airtel Money mark the end of London’s listing drought? Not yet | Nils Pratley
News Source
•Wed, 23 Sep 2026 16:25:57 GMT
📰 What Happened
Airtel Money, a payments firm working in 13 African countries, is set to float in London. It could be the biggest London listing in five years, worth between 6bn and 7bn pounds.
The company has 53 million monthly active users and is growing about 20% a year. It could win more customers from its parent's phone business, with 75 million possible new users.
No new money is being raised. Instead, existing shareholders, including TPG, Mastercard and the Qatar Investment Authority, can sell some of their stakes.
🔍 The Backstory
Airtel Money is 78% owned by Airtel Africa, a FTSE 100 company worth 11.3bn pounds. Airtel Africa is controlled by the Indian billionaire Sunil Bharti Mittal.
Columnist Nils Pratley says the win is real but limited. Listing a subsidiary where the parent is already known made London the clear favourite from the start.
The bigger test is Norway's Visma, a software firm once valued at almost 20bn euros. It could list in London, Stockholm or Amsterdam, and London is still fighting for it.
🎯 Why It Matters
More big firms listing in London can support UK pensions and savings that own shares. A busy listing season shows whether Britain still attracts global business.
Airtel Money, a payments firm working in 13 African countries, is set to float in London. It could be the biggest London listing in five years, worth between 6bn and 7bn pounds.
The company has 53 million monthly active users and is growing about 20% a year. It could win more customers from its parent's phone business, with 75 million possible new users.
No new money is being raised. Instead, existing shareholders, including TPG, Mastercard and the Qatar Investment Authority, can sell some of their stakes.
Airtel Money is 78% owned by Airtel Africa, a FTSE 100 company worth 11.3bn pounds. Airtel Africa is controlled by the Indian billionaire Sunil Bharti Mittal.
Columnist Nils Pratley says the win is real but limited. Listing a subsidiary where the parent is already known made London the clear favourite from the start.
The bigger test is Norway's Visma, a software firm once valued at almost 20bn euros. It could list in London, Stockholm or Amsterdam, and London is still fighting for it.
More big firms listing in London can support UK pensions and savings that own shares. A busy listing season shows whether Britain still attracts global business.