Key Takeaways
- • Airtel Money's £5.3bn London Stock Exchange flotation on 9 October 2026 is the fifth biggest LSE listing in 30 years excluding International Main Market listings, according to AJ Bell, and ranks ninth most popular IPO ever on AJ Bell's platform by number of applicants.
- • Airtel Money is profitable, reporting $1.35bn revenue and $676m adjusted earnings for the year to June 2026, and is majority-owned by FTSE 100 company Airtel Africa, making it a carve-out from a listed parent.
- • Fund managers including Job Curtis (City of London Investment Trust) and Guy Anderson (Mercantile Investment Trust) expect more UK IPOs, though many companies keep postponing listings while waiting for a "Goldilocks moment."
- • Private equity owners have alternative exits to IPOs, including trade sales and secondary transactions; HgCapital Trust sold GTreasury to Ripple at a 97% uplift to carrying value.
- • Ten major IPO reforms in the past five years, including listing rule and prospectus changes and three-year stamp duty relief, are cited as making the UK more attractive, though LSE chief executive Julia Hoggett says the FCA-written listing rules were overdue for change.
Summary
Airtel Money's £5.3bn London debut in October 2026 has revived hopes of an IPO recovery in the UK, where listings have been thin for years and managers are looking for a revival ahead of the Budget. The company listed on 9 October, and according to AJ Bell, its flotation is the fifth biggest on the London Stock Exchange in 30 years, excluding International Main Market listings. Dan Coatsworth, head of markets at AJ Bell, noted the business is profitable, with $1.35bn of revenue and $676m of adjusted earnings in the year to June 2026, and said strong retail demand sends a positive signal that the UK market is not fading away.
Fund managers remain divided on the pipeline. Job Curtis, lead manager of the City of London Investment Trust, said private equity firms that acquired companies in recent years like to sell to realise gains, and expects more IPOs. Guy Anderson, co-manager of the Mercantile Investment Trust, said many companies that have considered listing keep postponing, waiting for ideal market conditions amid macro factors and exogenous shocks. Anderson said incremental reforms, including ten major IPO changes over five years covering listing rules, prospectuses and stamp duty relief for companies in their first three years, should make the UK more attractive, but stressed that investor depth is also needed.
LSE chief executive Julia Hoggett said the main market's listing rules, which are written by the Financial Conduct Authority, were overdue for change, noting that high-growth, acquisitive and IP-based companies had difficulty listing until rules changed two to three years ago. She argued that shareholder votes could leave listed companies at a disadvantage when competing with private market buyers.
Private equity firms have other exit options. Richard Hickman, managing director of HarbourVest Global Private Equity, cited trade sales and secondary transactions as routes that avoid IPOs. Luke Mason, a principal at Neuberger Private Equity Partners, said the firm has announced $150m of realisations so far this year, with momentum building since the second quarter, and described 2026 as developing into one of the stronger years for realisations recently. HgCapital Trust sold GTreasury, a treasury management software business, to strategic buyer Ripple at a 97% uplift to carrying value, and also sold Intelerad and Quantios. Andrew Carnwath, lead manager of CT Private Equity Trust, said many attractive growth businesses are staying private longer, and some may never list.
Coatsworth named three possible UK listing candidates: Superdrug, which could list later this year or next, with parent AS Watson reportedly considering a dual London and Hong Kong listing; Waterstones, if rumours of a London IPO prove correct; and Spanish miner Abenojar Tungsten, preparing to join the UK market by year-end, with production hoped for in 2029.
Fund managers remain divided on the pipeline. Job Curtis, lead manager of the City of London Investment Trust, said private equity firms that acquired companies in recent years like to sell to realise gains, and expects more IPOs. Guy Anderson, co-manager of the Mercantile Investment Trust, said many companies that have considered listing keep postponing, waiting for ideal market conditions amid macro factors and exogenous shocks. Anderson said incremental reforms, including ten major IPO changes over five years covering listing rules, prospectuses and stamp duty relief for companies in their first three years, should make the UK more attractive, but stressed that investor depth is also needed.
LSE chief executive Julia Hoggett said the main market's listing rules, which are written by the Financial Conduct Authority, were overdue for change, noting that high-growth, acquisitive and IP-based companies had difficulty listing until rules changed two to three years ago. She argued that shareholder votes could leave listed companies at a disadvantage when competing with private market buyers.
Private equity firms have other exit options. Richard Hickman, managing director of HarbourVest Global Private Equity, cited trade sales and secondary transactions as routes that avoid IPOs. Luke Mason, a principal at Neuberger Private Equity Partners, said the firm has announced $150m of realisations so far this year, with momentum building since the second quarter, and described 2026 as developing into one of the stronger years for realisations recently. HgCapital Trust sold GTreasury, a treasury management software business, to strategic buyer Ripple at a 97% uplift to carrying value, and also sold Intelerad and Quantios. Andrew Carnwath, lead manager of CT Private Equity Trust, said many attractive growth businesses are staying private longer, and some may never list.
Coatsworth named three possible UK listing candidates: Superdrug, which could list later this year or next, with parent AS Watson reportedly considering a dual London and Hong Kong listing; Waterstones, if rumours of a London IPO prove correct; and Spanish miner Abenojar Tungsten, preparing to join the UK market by year-end, with production hoped for in 2029.
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