Airtel Africa Plc is exploring a potential initial public offering (IPO) of its mobile money arm that could raise between $1.5 billion and $2 billion.
This is according to people familiar with the matter, in what may rank among the largest recent listings on a European exchange, according to a Bloomberg report.
Airtel Africa, Africa’s third-largest wireless carrier, is largely owned by Sunil Mittal through Bharti Enterprises Ltd.
The group has long signaled intentions to unlock value from its fast-growing mobile money business, which has benefited from increased financial inclusion and rising digital payments adoption across the continent.
The sources indicate that London has emerged as the most likely listing venue for Airtel Money, although alternative exchanges, including in the United Arab Emirates and other parts of Europe have previously been considered. Final decisions on the deal size, timing, and location are yet to be made, as discussions remain at an early stage.
What they are saying
The proposed listing could value Airtel Money at up to $10 billion, showing growing investor appetite for African fintech assets and positioning the transaction as a landmark deal in the region’s digital financial services space.
- Chief Executive Officer Sunil Taldar had earlier stated in February that the company remained committed to listing the unit by mid-2026. However, current developments suggest that the timeline may face delays as the company continues to refine its strategy.
- Advisory work on the IPO is being led by Citigroup Inc., with plans to appoint additional banks to support the transaction.
- Airtel Money has attracted a roster of high-profile international investors, including TPG Inc., Mastercard Inc., and an affiliate of Qatar Investment Authority.
The platform has recorded strong growth metrics, with revenue rising 29.4% year-on-year to $986 million over a nine-month period, while its user base surpassed 52 million for the first time, based on Airtel Africa’s latest quarterly results.
The company is expected to release its full-year financial performance on May 8, which could offer further insight into the unit’s valuation prospects and growth trajectory.
What you should know
Earlier reports indicated that Airtel Africa had already appointed Citigroup Inc. as lead adviser for the planned IPO of Airtel Money.
- The planned IPO comes amid a broader surge in fintech adoption across Africa, where a young, digitally savvy population is increasingly leveraging mobile platforms for banking and payments.
- Airtel Africa operates in 14 countries and is dual-listed in London and Lagos, placing it at the center of the continent’s evolving digital finance ecosystem.
Beyond Airtel Africa, Mittal’s business interests span global telecommunications and technology assets, including Bharti Airtel Ltd. and UK-based satellite venture OneWeb, reflecting a diversified portfolio aligned with connectivity and digital infrastructure.
