World Bank’s IFC Pumps $90m into Airtel Money IPO

By Adedapo Adesanya

The International Finance Corporation (IFC), a World Bank subsidiary, has committed up to $90 million to Airtel Mobile Commerce N.V., the entity that operates Airtel Money, as a cornerstone investor in its initial public offering (IPO) on the London Stock Exchange (LSE).

The investment comes as Airtel Money begins its IPO following the publication of its prospectus on Thursday, October 1, 2026, with the offer scheduled to close at 5 pm on October 8.

The IFC investment will be made through a secondary sale of shares by existing shareholders rather than a primary capital injection into the business.

Airtel Africa Plc, which holds a 77.85 per cent stake in Airtel Money, will sell part of its holding alongside minority investors TPG, Mastercard, Qatar Investment Authority and Chimetech Holding.

The minority investors collectively invested $550 million in Airtel Money in 2021.

The IPO has been priced at £1.96 per share, valuing Airtel Money at approximately £5.3 billion or $7 billion.

The company is offering 270 million shares to retail investors, with an additional 27 million existing shares available if the offer is oversubscribed.

The minimum application is £250 per investor, while the retail offer is open to investors resident and physically present in the United Kingdom through RetailBook. No commission will be charged on applications.

The IFC’s investment is part of the share sell-down required to meet UK listing rules, which require a minimum public free float of 10 per cent.

Airtel Money is expected to be admitted to the Main Market of the London Stock Exchange on October 14, 2026, subject to the completion of the IPO process.

The listing would provide investors with direct exposure to Airtel Money, one of Africa’s major mobile financial services businesses, while giving the London market access to an emerging-market fintech platform.

Institutional investors estimate that the offering could raise approximately $800 million, implying a target valuation of between $8 and $9 billion.

Airtel Africa is majority-owned by India-based telecommunications group Bharti Airtel, which is listed on the National Stock Exchange of India and the Bombay Stock Exchange.