African telecommunications group Airtel Africa (LSE:AAF; NGX:AIRTELAFRI) has selected the London Stock Exchange for the planned initial public offering of its mobile money business, reviving a listing that was postponed earlier this year because of market volatility and higher energy costs linked to the Iran conflict.

The company is targeting the second half of 2026 for the flotation of Airtel Money, its third largest business and one of Africa’s biggest mobile financial services platforms. Airtel Africa had previously aimed to complete the listing during the first half of the year.

“We believe a London listing will provide access to a broad international investor base and support our ambition to unlock the long-term value of one of Africa’s leading fintech platforms,” chief executive Sunil Taldar said.

Airtel Africa, which is majority owned by India’s Bharti Airtel (NSE:BHARTIARTL; BSE:532454), has not disclosed the expected valuation, size of the share sale or a precise listing date. Media estimates have suggested that Airtel Money could be valued at about $10bn and raise between $1.5bn and $2bn, although those figures have not been confirmed by the company.

The group delayed the IPO in May after concluding that market conditions had become unfavourable. The US-Israeli war against Iran had disrupted Middle Eastern crude supplies, increased energy and logistics costs and contributed to volatility that prompted several companies to postpone planned listings.

Airtel Africa said at the time that it remained committed to the flotation when conditions allowed. It has continued to warn that higher energy costs could put pressure on its near-term earnings margins.

The renewed listing plan comes as London’s market for new share offerings shows early signs of recovery. Seven initial public offerings raised GBP577mn ($782mn) on the London Stock Exchange’s Main Market and AIM during the first half of 2026, more than three times the GBP183mn raised a year earlier, according to EY.

Airtel Africa has been listed in London and Lagos since 2019. Other Africa-focused companies traded in London include oil and gas producer Seplat Energy (LSE:SEPL; NGX:SEPLAT) and telecommunications infrastructure company Helios Towers (LSE:HTWS).

Airtel Money’s customer base increased 23.3% year on year to 56.5mn in the three months ended June 30. Quarterly revenue rose 38.9% to $404mn, while earnings before interest, tax, depreciation and amortisation increased 29.3% to $198mn.

The platform processed transactions with an annualised value of more than $245bn, up 51.5% from a year earlier. Transaction value per customer increased 13% to $371 a month as Airtel expanded merchant payments, transfers, savings, lending and other financial services.

East Africa remained Airtel Money’s largest region, with 41.7mn customers and quarterly revenue of $297mn. Francophone Africa contributed 11.4mn customers and $102mn in revenue, while the newer Nigerian operation had 3.4mn customers and generated $5mn.

A successful listing would give investors direct exposure to Africa’s expanding mobile money market and allow Airtel Africa to realise part of the value built in the division while retaining a controlling interest.

Airtel Africa, which operates in 14 African countries, reported a 31% year-on-year rise in first-quarter revenue as customer growth, higher data usage and currency appreciation boosted its results.

The company is present in Nigeria, Kenya, Malawi, Rwanda, Tanzania, Uganda, Zambia, Chad, the Democratic Republic of the Congo, Gabon, Madagascar, Niger, the Republic of the Congo, and the Seychelles.