Airtel Money, the mobile money division of Airtel Africa, has announced its intention to float on the London Stock Exchange. This payments business, which operates across Africa and is ultimately controlled by Indian billionaire Sunil Bharti Mittal, is targeting a significant $9 billion valuation for its initial public offering. The proposed flotation represents one of the biggest UK listings in recent years.
This major listing is seen as a welcome boost for the struggling London market, which has been experiencing a period of shrinking activity. The London Stock Exchange has recently faced a series of company departures, leading to questions about its future. While the flotation of Airtel Money offers a positive signal, some observers suggest it might not immediately end the market's broader listing drought.