A win is a win, but we should probably contain our excitement about the biggest flotation in London for five years. Airtel Money, a payments processor that operates in 13 African countries and should be worth between £6bn and £7bn, is a welcome addition to the stock market but it would be a stretch to say the event marks a definitive change in the weather to end the listings drought.
Why? Because, in a sense, Airtel Money is already here. It is a 78%-owned subsidiary of Airtel Africa, an established FTSE 100 firm with a market value of £11.3bn ultimately controlled by Bharti Enterprises under the Indian billionaire Sunil Bharti Mittal, also known for his 25% stake in BT.
