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, which operates across Africa as the mobile money arm of Airtel Africa, is seeking a flotation that many observers hope could help revive a London market that has struggled in recent years to attract major new listings.

The announcement will be welcomed by those concerned about London's declining appeal as a destination for global capital, though questions remain over whether a single flotation can signal a lasting reversal of the exchange's fortunes.