Airtel Money is poised to launch one of London’s biggest listings in recent years, aiming to raise at least $800mn at a valuation of $8bn-$9bn. The African mobile payments company expects to file IPO paperwork with the London Stock Exchange as soon as Wednesday, according to two people briefed on the plans.

The flotation would boost the UK stock market, which has struggled to attract large new listings. Airtel Money operates through agents, branches and kiosks across Africa, with more than 56mn customers and revenues of $1.36bn last financial year.

Airtel Africa, the Indian-owned telecoms group holding about 78 per cent of the business, considered a Middle East listing but opted for London partly due to geopolitical tensions. Airtel Africa’s stake after the listing is yet to be determined.

Airtel Money would be among London’s largest debuts in recent years, alongside Wise and Magnum Ice Cream Company. Several high-profile listings have been delayed this year, and there have been just seven UK listings raising £577.2mn. UK policymakers have introduced measures to encourage London listings, including a stamp duty exemption for new IPOs.