Company
Mobile money and digital financial services business majority-owned by Airtel Africa, operating across multiple African countries.
London recorded one IPO in the third quarter, a £29.8m AIM listing, and eight in nine months, EY says. Nine-month proceeds of £606.9m beat last year's £199.1m, but EY says most firms weighing a listing are looking to 2027.
Reality
Peel Hunt counts 42 live bids worth £74bn for London-listed firms, more than double the £35bn bid across 2025. Bid numbers are close to 2025's and the targets are larger, so the stronger evidence that London is emptying sits on the listing side.
Reality
City minister Lucy Rigby says London's listing reforms are "not a job done", citing the £5.3bn Airtel Money IPO as a sign of "renewed momentum". For boards choosing a venue, the Treasury is signalling more reform but has not yet named a measure they could price.
Reality
Oura, SB Energy, EG Group and Holtec have postponed listings in the four months since SpaceX's $75bn June float. Several have no tie to AI, so founders planning an exit face a pricing problem in every sector and a pipeline drifting toward 2027.
Reality
Airtel Money is reportedly seeking an $8 billion to $9 billion valuation in a London IPO, with existing holders selling at least $800 million of shares. At that price, Airtel Africa's roughly 78% stake would equal about half of the parent's own market value.
Reality