Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. Airtel Money's $9 billion IPO signals a potential route back for London's market amid a wider exodus of companies. While easy to dismiss as a fluke, the listing highlights how the troubled stock market could find renewed relevance.

London has long been favoured for emerging market businesses, with the FTSE 100 already hosting a South African wealth manager, Chilean miner, and Georgian bank, alongside Airtel Money's parent group, Airtel Africa. The only other large IPO this year was an Uzbek investment fund, whose shares rose 38 percent. A successful deal would add critical mass for analysts and investors specializing in emerging markets, paving the way for more international listings.

Africa's fast population growth, rapid smartphone usage, and snappy GDP growth create a pipeline of potential listings. However, not all listings succeed; investors in London-listed CAB Payments have lost three-quarters of their initial investment. Airtel Money's listing was delayed and downsized, yet at expected enterprise value, it trades at about 10 times next year's operating profit—matching Wise but with higher growth expectations.

London benefits from showing it can execute successful IPOs, as listings are partly a momentum business. A win demonstrates investors can be positive about the capital markets, proving the machinery still works. Furthermore, what starts as niche emerging market investment can attract mainstream analysts.

The majority of FTSE 100 stock Lion Finance Group analysts are bank specialists, not just emerging market experts. Airtel Money could bulk up London's fintech and payments expertise. A steady stream of listings would help counter the thinning ecosystem, making it easier for other companies to list and less tempting for British businesses to jump ship, though US dominance in technology remains a limit.