New Delhi, Oct. 1 -- Airtel Money, the mobile money arm of Airtel Africa, is targeting a valuation of about $7 billion in its London stock market debut, offering a potential boost for a market that has struggled to attract major listings in recent years.

The company said on Thursday that it planned to sell 270 million shares at a fixed price of £1.96 each in its initial public offering, raising about $703 million ahead of a mid-October debut.

London's stock market has shrunk over the past decade as companies have sought higher valuations elsewhere, prompting Britain to simplify listing rules in an effort to attract more issuers.

"The deal is a sign that London can still attract a sizeable international IPO, but it also shows that ...