Airtel Money Eyeing Middle East Partnerships and Future UAE Dual Listing After London IPO

Airtel Money is actively seeking strategic partnerships with FinTech companies located in the Middle East to further expand its core Africa business, while also remaining open to a potential future dual listing in the UAE, according to its chief executive.

Speaking in an interview on Monday, Ian Ferrao stated that the primary objective for the payments company—which recently announced its intention to float on the London Stock Exchange—is to successfully finish the listing process in London. Media reports indicate this upcoming move could potentially rank as one of the largest IPOs seen in the UK since 2021.

“You never know what the next phase of this business has, and if we were ever to do another tranche, potentially there's always opportunity for dual listing in the future,” Ian Ferrao explained. Noting that several companies have historically viewed UAE markets as ideal dual-listing destinations, he added that “it's a potentially good option.” He further mentioned, “It's just not something we have discussed in detail yet but I'll never rule it out.”

Before ultimately selecting London—where shares of its parent company already trade—Airtel Money carefully evaluated multiple European exchanges. Choosing not to pick the UAE proved to be “a tough decision,” particularly given that the corporate headquarters of Airtel Money are located in Dubai. Although London was favored due to its deep pools of capital, the company still regards the Emirates as a critical hub for Africa, spanning financial, capital, and logistics perspectives, as noted by Ian Ferrao.

“I would say it's the gateway between Africa and the rest of the world, and we view the UAE as very strategic to the future of our operations,” Ian Ferrao stated.

Indian billionaire Sunil Mittal and his firm Bharti Enterprises currently maintain a 78 per cent ownership stake in Airtel Money through its parent entity, Airtel Africa. Back in 2021, TPG, Mastercard, the Qatar Investment Authority, and Chimetech Holding secured minority stakes in the enterprise for a combined $550 million.

Airtel Money released a statement last week indicating that Airtel Africa will remain a long-term strategic shareholder following the IPO. However, Ian Ferrao declined to disclose the exact percentages that the minority shareholders will hold post-transaction.

The company confirmed that the official Airtel Money IPO prospectus will be released early next month, featuring an indicative price range alongside the total number of shares offered. Final pricing will be officially determined by mid-October. Industry reports suggest that Airtel Money is projected to raise roughly $800 million from the offering, which would secure a market capitalization ranging between $8 billion and $9 billion at the time of listing, with an anticipated free float of at least 10 per cent.

Demonstrating strong institutional backing, the International Finance Corporation—the private sector arm of the World Bank Group—has officially agreed to act as a cornerstone investor for the deal, committing to purchase $90 million worth of the available shares.

Airtel Money has already conducted a series of comprehensive meetings featuring a broad range of institutional investors and sovereign wealth funds originating from the Middle East and Asia, anticipating a highly positive market response to the upcoming share float.

Arranging the offering are Citigroup, Barclays, Bank of America, Goldman Sachs, and JPMorgan, serving as a much-needed boost for the London Stock Exchange, which has faced historical challenges in attracting major listings over recent years.

Operating as a prominent digital financial services platform across 13 distinct African markets, Airtel Money delivers robust services via a mobile-led model catering to its 53 million monthly active users. Across the continent, the company manages dedicated branches and kiosks utilized extensively for paying utility bills, securing microloans, and purchasing consumer goods. According to official statements, the platform successfully processed $213 billion during the twelve-month period ending in June.

Ian Ferrao emphasized that the immediate strategic goal is to firmly champion African markets first before looking outward to other global regions for further growth. “The real immediate focus is on growing on our existing footprint and the 13 countries that we have in Africa have a lot of opportunity in each of them,” he said.

Although broader expansion into Middle Eastern markets is not currently part of the short-term growth agenda, the company remains receptive to striking targeted partnerships or executing acquisitions involving technology firms within the region to bolster its African operations. “Our ecosystem is expanding at pace, so there is always opportunities for more partnerships, especially companies that may want to get on to the African continent or have technology or the ability to deploy in Africa,” Ian Ferrao concluded. As the company continues scaling its financial services across lending, savings, insurance, and wealth tech, it remains heavily reliant on strategic external partnerships.