Airtel Africa explores $2bn IPO for mobile money unit in London

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

Bloomberg reported that the planned listing may rank among the largest recent IPOs on a European exchange.

Airtel Africa, Africa’s third-largest wireless carrier, is largely owned by Indian billionaire Sunil Mittal through Bharti Enterprises Ltd.

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The group has long signaled its intention to unlock value from its fast-growing mobile money business, which has benefited from rising financial inclusion and increased adoption of digital payments across Africa.

Sources indicate that London has emerged as the most likely venue for Airtel Money’s listing, although alternative exchanges in the United Arab Emirates and other parts of Europe were previously considered.

Final decisions on the deal size, timing, and location are yet to be made, as discussions remain at an early stage.

The proposed IPO could value Airtel Money at up to $10 billion. This reflects growing investor appetite for African fintech assets and could position the transaction as a landmark deal in the region’s digital financial services space.

In February, Airtel Africa CEO Sunil Taldar stated that the company remained committed to listing the unit by mid-2026. However, current developments suggest the timeline may face some 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 high-profile international investors, including TPG Inc., Mastercard Inc., and an affiliate of Qatar Investment Authority.

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The platform has recorded strong growth, with revenue rising 29.4 percent year-on-year to $986 million over a nine-month period. Its user base also surpassed 52 million for the first time, according to Airtel Africa’s latest quarterly results.

The company is expected to release its full-year financial performance on May 8, which could provide further insight into the unit’s valuation prospects and growth trajectory.

Airtel Africa operates in 14 countries and is dual-listed in London and Lagos. The planned IPO comes amid a broader surge in fintech adoption across Africa, driven by a young, digitally savvy population increasingly using mobile platforms for banking and payments.