Airtel Money targets $9bn London IPO in boost for ailing stock market

Airtel Money, the mobile payments business controlled by Indian billionaire Sunil Bharti Mittal, has announced its intention to float on the London Stock Exchange at a valuation of around $9 billion, in what would be one of the biggest listings the market has seen in years.

The company operates as the mobile money arm of Airtel Africa and conducts the bulk of its business across the African continent. Its planned flotation has been welcomed as a potential shot in the arm for a London market that has struggled in recent years to attract major new listings.

Whether the announcement signals a broader revival in London's fortunes as a listing destination remains uncertain, but the sheer scale of the proposed float marks it as a significant moment for the exchange.