Africa’s Biggest IPO Happening in London? | Issue 137

Airtel Money was built on African customers, African transactions and African risk. But its planned public-market debut is expected to be priced far from the markets that made it valuable.

This edition of Business Elites Weekly examines the bigger question behind the reported Airtel Money IPO: when African businesses become globally valuable, who gets access to the upside?

Inside, we look at why major African companies still look offshore for deeper capital markets, why local exchanges struggle to support billion-dollar listings, and what ordinary investors risk when public-offer excitement moves faster than regulation and disclosure.

The issue also goes beyond capital markets. We examine Africa’s skills gap, the energy cost holding businesses back, and the numbers shaping the continent’s next growth cycle.

Inside this issue:

Cover Story: Why Is Africa’s Biggest Mobile-Money IPO Happening in London?
Deep Dive: An X-Ray of Africa’s IPO Problem
Feature: The Skills Gap Inside Africa’s Growth Story
In Their Own Words: Victor Tobenna Ezenwoko on Africa’s energy crisis and business opportunity
Explainer: Why the Exchange Matters in an IPO
Last Word: Africa Needs Bigger Owners
Plus: Week In Numbers, Radar and Trend Report

This is an issue about ownership, access and the structures that decide where African value is priced.