Airtel Africa Plc is reportedly planning an Initial Public Offering (IPO) for its mobile money business, Airtel Money, in London. The listing is anticipated to raise between $1.5 billion and $2 billion, according to individuals familiar with the matter. This IPO could potentially value Airtel Money at up to $10 billion, positioning it as one of the largest IPOs on a European exchange in recent years, particularly in the fintech sector.
Citigroup Inc. is currently advising on the IPO, and there is an expectation that three or four additional banks will be appointed to assist with the listing. While London has emerged as the most likely venue, other locations, including exchanges in the United Arab Emirates and other European cities, have also been considered. Airtel Africa, which is already listed in London, aims to capitalize on its existing presence.
The mobile money unit has demonstrated strong growth, with revenues increasing by 29.4% year-on-year to $986 million over a nine-month period. Its user base has also expanded significantly, surpassing 52 million for the first time. The company has attracted strong investor interest, with backers including TPG Inc., Mastercard Inc., and an affiliate of Qatar's sovereign wealth fund. This signals a growing global appetite for African fintech assets.
Airtel Africa's CEO, Sunil Taldar, had previously indicated a target for a mid-2026 listing. However, challenges related to market conditions and internal structuring might lead to a slight delay in the timeline. The company is seeking to unlock value from its fast-growing mobile money services, driven by factors like increasing smartphone penetration, a young population, and limited access to traditional banking services across its 14 African markets.
