14th Oct 2026 09:05
(Alliance News) - Airtel Mobile Commerce NV's shares started trading unconditionally in London on Wednesday, after last week's initial public offering, which marked London's largest float since 2021.
Airtel Mobile Commerce, also known as Airtel Money, is the Amsterdam-based mobile money business of London-listed telecommunications provider Airtel Africa PLC.
Conditional dealings of Airtel Money shares began on Friday, meaning only investors who were allocated shares in the IPO could trade the company's stock.
On Wednesday, unconditional trading began, and the company's 2.70 billion shares were admitted to the Financial Conduct Authority's Official List under the equity shares (commercial companies) category. Each share carries one voting right.
Airtel Money shares traded at 181.28p each on Wednesday morning, giving it a GBP4.90 billion market capitalisation. The IPO was priced at 196 pence per share, which implied a market cap of GBP5.3 billion, and the stock is down 7.5% from that offer price.
It was London's largest public float since financial services provider Wise Group PLC, which listed in 2021 with a GBP8 billion market cap, but it was significantly below the company's earlier targets. Last month, Bloomberg reported that Airtel was expecting a valuation of USD8 billion to USD9 billion, which itself was down from a previous target of USD10 billion.
The listing also took place later than planned. Airtel had expected to list the money business in the first half of 2026, but in May said the IPO would be pushed back to the second half.
Last week, Airtel Money Chief Executive Ian Ferrao said: "We are incredibly proud of what we have achieved, but we see this listing as a beginning, not a destination. As a listed company, we will remain focused on building Africa's leading digital financial services platform, connecting more people and businesses to the formal financial system and helping accelerate the continent's transition towards a more inclusive, digitally connected economy."
Bharti Airtel International (Netherlands) BV, which is owned by Airtel Africa, owns about 78% of Airtel Money.
Earlier this year, Airtel Africa Chief Executive Sunil Taldar underscored the potential the company sees in Airtel Money, explaining that it had benefited from "stronger digital adoption". Taldar called the business "a key player in driving improved access to financial services across Africa."
Airtel Africa shares were down 2.2% to 281.00p for a GBP10.24 billion market cap.
By Holly Munks, Alliance News reporter
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