Airtel Mobile Commerce, the mobile payments business spun out of Airtel Africa, reported a significant increase in revenue and profits following its recent stock market debut in London. The company, which began unconditional trading on October 14, recorded a 34 percent rise in revenue to $830 million for the six months ending in September. Pre-tax profit grew by 18 percent to reach $360 million, enabling the firm to declare its first interim dividend of 6.4 cents per share.

Valued at approximately £5 billion, Airtel Mobile Commerce’s initial public offering (IPO) marked London’s largest flotation in five years. Although the company had initially aimed to raise around £600 million—potentially valuing the business between £6 billion and £6.7 billion—it ultimately scaled back the offering. The IPO was closely watched as a key indicator of market sentiment in the City, which has seen a reduced number of listings since the surge of new floats in 2021. The last major IPO before Airtel Money was the fintech company Wise in 2021.

In contrast to a subdued first half of the year, during which only seven new listings occurred in London raising a collective £577 million—largely driven by a £511 million raise from Uzbekistan’s national investment fund—Airtel Mobile Commerce’s successful debut offers a more positive outlook for future equity market activity. Ian Ferrao, the company’s chief executive, described the completion of the IPO as a notable achievement amid challenging economic conditions.

Established in 2010, Airtel Mobile Commerce operates across 13 African countries, providing users with mobile payment solutions, the ability to top up mobile credit, and access cash withdrawals through an extensive network of branches and kiosks. Following the IPO, the company’s shares closed up 2.3 percent at 183½ pence, reflecting investor confidence in the business as it begins trading independently from Airtel Africa, which remains controlled by billionaire Sunil Bharti Mittal.