(NAIROBI, KENYA) – Airtel Money has set the price of its planned London Stock Exchange initial public offering at £1.96 ($2.60) per share, valuing the mobile money business at about £5.3 billion ($7 billion).
The valuation is equivalent to KES 913.1 billion. It marks a major step in Airtel’s plan to separate its financial services business from its traditional telecommunications operations and establish Airtel Money as an independently listed company.
The offer involves existing shareholders selling 270 million shares, equivalent to about KES 46.5 billion ($360 million) at the offer price. A further 27 million shares, worth about KES 4.65 billion ($36 million), could be sold if the over allotment option is exercised. The company itself is not expected to sell shares, except through the over allotment option.
Airtel Africa is expected to remain a long term strategic shareholder, signalling that the listing is intended to give Airtel Money greater independence while retaining the backing of its parent company.
The International Finance Corporation has also committed to buy up to £67.2 million ($89.1 million) of shares from existing shareholders under a cornerstone investment agreement. The announcement puts the equivalent value of the investment at about $90 million, or KES 11.67 billion.
“Before making any investment decision, potential investors should read the Prospectus, expected to be published by the Company later today,” the firm said in a notice.
The development is significant for Kenya because the country is one of Airtel Africa’s 14 markets and has an increasingly important Airtel Money operation. Airtel Money Kenya is separately incorporated and regulated by the Central Bank of Kenya as a payments services provider, while Airtel Networks Kenya remains the telecommunications company.
The proposed listing could mean greater focus and investment in mobile financial services as Airtel Money seeks to expand products such as merchant payments, savings, lending and international money transfers. This could translate to gains for Kenyan consumers.
Airtel Africa says Airtel Money had 54.1 million customers across its markets as of March 2026, with transaction values of $196 billion (KES 25.4 trillion) during the 2025-26 financial year. The business generated $1.355 billion (KES 175.8 billion) in revenue.
Kenya is already part of this expansion. Airtel Money has approximately six million customers in Kenya, representing an 11.1% market share as of June 2026. It has approximately 260,000 to 270,000 active Airtel Money agents.
The listing could give Airtel Money access to a wider pool of international capital for technology, distribution networks and new financial products. This could intensify competition in the mobile money market and widen the range of digital financial services available to consumers and small businesses.
The IPO is expected to begin conditional trading by 9th October, with full admission and unconditional dealings scheduled for 14th October 2026. About 16.5% of the company is expected to be in public hands, rising to 17.5% if the full over allotment option is exercised.
The proposed listing will also give investors a market based valuation of Airtel Money as a standalone financial services business. This could provide a clearer benchmark for the value of mobile money operations across Africa.
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