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Wednesday, 23 September 2026

Compiled with AI from public news sources. Folio is editorial commentary for commercial-awareness practice, not legal advice. Verify any detail against the linked sources before relying on it professionally.

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Top Story/Capital Markets

Airtel Money confirms plans for a multi-billion London IPO that could be the LSE's largest flotation since Haleon in 2022

Airtel Money, the African mobile payments arm of telecoms group Airtel Africa, confirmed on 23 September 2026 its intention to float on the London Stock Exchange, in what could become one of the exchange's biggest listings in years. The fintech, which operates across Africa through branches and kiosks and counts more than 50 million active customers, is seeking to raise as much as $800 million from investors. The company is reportedly targeting a valuation of up to $9 billion (approximately £6.8 billion). Chief executive Ian Ferrao said the London listing would "underpin our next wave of growth", citing demographic and digital tailwinds in the markets the business serves and the platform it would provide for transforming financial services across Africa. The news arrives at a difficult moment for the London market. The RAC, Britain's oldest breakdown recovery service, shelved a planned £5 billion London IPO (initial public offering) in favour of a continuation vehicle, in which existing sponsor CVC Capital Partners remains invested while Silver Lake and GIC sell their stakes into the new vehicle. The Airtel Money float is being positioned against a broader backdrop of a dearth of London listings, with several companies opting for New York over the UK capital. A successful Airtel Money listing would represent a significant vote of confidence in London as a venue for high-growth, emerging-market businesses seeking international capital.

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Law Society and Birmingham Law Society Oppose SRA's Proposed Litigation Funding Rules as Consumer Panel Backs Reform

The Law Society and Birmingham Law Society have both come out against SRA plans to impose new rules on law firms that use litigation funding, according to Legal Futures. The Leg…

“The profession is split on SRA litigation funding rules, the consumer lobby backs reform.”

AI & Law

Harvey Launches UK, US and Australia Pro Bono Programme; Chamelio Raises $26m Series A

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International

Global Legal Post publishes its 2026 Corporate Tax and Tax Controversy Law Guide covering 37 jurisdictions, including Nigeria

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“Multi-jurisdictional tax controversy work is booming as the OECD minimum tax framework creates new audit tr…”

Bigger Picture

Sector Watch

London IPO Pipeline Under Pressure

The Airtel Money intention to float, potentially the largest London listing since Haleon in 2022, arrives in the same week that the RAC shelved its £5bn IPO in favour of a continuation vehicle, in which existing sponsor CVC Capital Partners remains invested while other shareholders sell out. The divergence is stark: a high-growth African fintech is choosing London while an established UK consumer business is retreating from the public market altogether. The FCA's ongoing reforms to UK listing rules are designed to attract exactly the kind of international growth business that Airtel Money represents, but the RAC decision shows that the competitive pull of private capital markets remains strong for businesses whose owners want liquidity without the scrutiny of a public listing. Capital markets practices at the major firms will be watching the Airtel Money roadshow closely as a live test of whether London can price ambitious emerging-market businesses at valuations that justify the float.

One to Follow

The SRA's proposed litigation funding rules for law firms, currently opposed by the Law Society and Birmingham Law Society but backed by the Legal Services Consumer Panel

The SRA's final rules will set the disclosure and conduct framework for an asset class that now underpins a large share of high-value commercial litigation in the UK, directly affecting how disputes practices structure funded client engagements. Disputes, professional regulation, and commercial litigation finance practices at City firms all need to track the consultation outcome and build compliance programmes around whichever version of the rules is finalised.

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