Airtel Money, the mobile money business of Airtel Africa, is preparing to file for a London IPO that could become one of the city’s largest listings in recent years. The offering could raise around $800 million and value the company at approximately $8 billion to $9 billion, according to a source familiar with the matter. Details including the indicative price range and number of shares are expected in early October.

The IPO will be conducted through a secondary share offering, meaning existing shareholders will sell shares rather than the company issuing new ones. Airtel Money is expected to have a free float of at least 10% following the listing. The deal could provide a boost to London’s stock market, which has experienced a prolonged slowdown in major new listings.

Airtel Money CEO Ian Ferrao said the company sees relatively favourable market conditions and remains confident in London as its listing destination. The business operates across Sub-Saharan Africa and reported 38% revenue growth to £399 million in the quarter ended June 30, with around 53 million monthly active users. Airtel Africa is expected to remain a long-term investor after the IPO.

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