India, Sept. 23 -- Airtel Money, the mobile financial services business of Airtel Africa, is moving ahead with plans for an initial public offering (IPO) on the London Stock Exchange, reviving a listing that was postponed earlier this year amid unfavourable market conditions.

The proposed flotation will be structured as a secondary offering of existing shares, meaning Airtel Money itself will not receive new capital from the transaction. The company expects to have a free float of at least 10% following admission to the Main Market of the London Stock Exchange.

Airtel Africa, which currently holds a 77.85% beneficial interest in Airtel Money, said it expects to remain a long-term strategic shareholder after the listing. The parent compa...