Airtel Africa Eyes $2 Billion London IPO for Mobile Money Unit

Airtel Africa Plc is exploring a potential initial public offering (IPO) of its mobile money subsidiary, Airtel Money, in a deal that could raise between $1.5 billion and $2 billion, according to sources familiar with the matter.

If successful, the transaction could rank among the largest recent listings on a European exchange, signaling growing global investor interest in Africa’s fast-expanding fintech sector.

The telecom group, which is majority-owned by Sunil Mittal through Bharti Enterprises Ltd., has long indicated plans to unlock value from its mobile money business. The unit has seen rapid growth, driven by rising financial inclusion and increased adoption of digital payments across African markets.

London Emerges as Preferred Listing Venue

Sources say London is currently the most likely destination for the IPO, although other exchanges—including those in the Middle East and parts of Europe—have previously been considered. Final decisions regarding timing, valuation, and structure are still under discussion, with plans at an early stage.

The proposed listing could value Airtel Money at up to $10 billion, positioning it as a landmark deal in Africa’s digital financial services landscape.

Earlier in February, CEO Sunil Taldar reaffirmed the company’s intention to list the unit by mid-2026. However, recent developments suggest the timeline could shift as strategic considerations evolve.

Strong Investor Backing and Growth Metrics

Advisory work on the IPO is being led by Citigroup Inc., with additional banks expected to join the process.

Airtel Money has already attracted prominent global investors, including TPG Inc., Mastercard Inc., and an affiliate of the Qatar Investment Authority.

The platform continues to post strong performance figures. According to the company’s latest quarterly results, mobile money revenue rose by 29.4% year-on-year to $986 million over a nine-month period, while its user base exceeded 52 million customers for the first time.

Airtel Africa Plc is expected to release its full-year financial results on May 8, which could provide further clarity on the unit’s valuation and growth outlook.

Broader Context: Africa’s Fintech Boom

The planned IPO comes amid a broader surge in fintech adoption across Africa, fueled by a young, digitally connected population increasingly relying on mobile platforms for banking, payments, and financial services.

Operating in 14 countries and dual-listed in London and Lagos, Airtel Africa remains a key player in the continent’s evolving digital finance ecosystem.

Beyond Airtel Africa, Mittal’s business interests span global telecommunications and technology ventures, including Bharti Airtel Ltd. and UK-based satellite company OneWeb, underscoring a broader strategy focused on connectivity and digital infrastructure.