Does Airtel Money mark the end of London’s listing drought? Not yet | Nils Pratley

The biggest flotation in five years was a bit of a shoo-in. Let’s see what happens when overseas competition is tougher

• Indian billionaire’s payments firm plots biggest London flotation in years

A win is a win, but we should probably contain our excitement about the biggest flotation in London for five years. Airtel Money, a payments processor that operates in 13 African countries and should be worth between £6bn and £7bn, is a welcome addition to the stock market but it would be a stretch to say the event marks a definitive change in the weather to end the listings drought.

Why? Because, in a sense, Airtel Money is already here. It is a 78%-owned subsidiary of Airtel Africa, an established FTSE 100 firm with a market value of £11.3bn ultimately controlled by Bharti Enterprises under the Indian billionaire Sunil Bharti Mittal, also known for his 25% stake in BT.