Airtel Money wants a $1 billion IPO. Can London deliver?

Sunil Taldar, the CEO of Airtel Africa, has just confirmed London as the preferred listing venue for its mobile money business. For Taldar, the decision is about accessing a broad international investor base and unlocking the long-term value of one of Africa's leading fintech platforms. The bigger question, however, is whether London's IPO market can still deliver what Airtel Money is looking for: a $1 billion to $2 billion fundraising target at a $10 billion valuation.

London has been one of the world's largest financial centers for decades, with thousands of listed companies and trillions of dollars in market capitalization. On paper, it seems capable of financing a $1 billion to $2 billion deal. Yet, Airtel Money's IPO arrives at a time when the London Stock Exchange is attempting to reverse years of subdued IPO activity. In 2024, only 18 companies listed on the exchange, raising a combined £777.7 million ($1.03 billion). The numbers suggest Airtel faces an uphill battle.

The decline of London's IPO market has not been solely due to a shortage of companies. It has been about the size of the deals. In 2024, the combined fundraising target of all listed companies fell short of Airtel Money's own target. However, 2025 saw a slight improvement, with 23 IPOs raising £2.1 billion ($2.79 billion), a 170% increase from the previous year. While this recovery might seem encouraging, it was less broad than the headline suggests. The average fundraising target of listed companies in 2025 was still significantly lower than Airtel Money's ambitious goal.

The decline of London's IPO market is not unique. Other major financial centers, such as New York and Asia, have been gaining ground. This shift has left London struggling to regain its position as a premier listing destination. The exchange's recent decline has been exacerbated by a shortage of companies willing to list. This, in turn, has led to a vicious cycle of decreased liquidity and prestige. As a result, London's IPO market may be too small for a billion-dollar African fintech offering like Airtel Money.

Despite the challenges, London's IPO market still offers a significant advantage: access to a broad international investor base. Airtel Africa's decision to list in London is likely driven by this desire for global exposure. However, the company will need to convince investors that its ambitious fundraising target is realistic. If Airtel Money fails to deliver, it could set a negative precedent for future IPOs. On the other hand, a successful listing could breathe new life into London's IPO market, attracting more companies and investors.

As Airtel Money prepares for its IPO, one thing is clear: the company's success will depend on its ability to convince investors that its ambitious fundraising target is achievable. If London's IPO market can deliver, it could be a turning point for African fintech companies. However, if Airtel Money fails, it could set a negative precedent, making it even more challenging for future IPOs to succeed. The stakes are high, and the outcome will be closely watched by investors and industry observers alike.