Airtel Africa has revived its plans to list its mobile money division, Airtel Money, on the London Stock Exchange, abandoning earlier considerations of a Middle Eastern exchange. This move could see London host its largest new flotation since Wise in 2021, providing a significant boost to a market that has struggled with attracting major new listings. People familiar with the plans estimate the IPO could raise approximately $1.5 billion, although some reports suggest a range of $1.5 billion to $2 billion. The company has not yet confirmed the size of the stake to be sold or a final timetable, but the listing is anticipated in the second half of 2026.
The decision to choose London is influenced by its deeper financial market, international reputation, and a familiar investor base, as Airtel Africa has traded on the London Stock Exchange since 2019. This gives investors an existing understanding of the group's operations and exposure to African markets. The listing is expected to value Airtel Money at around $10 billion, and Citigroup is leading the transaction, with Airtel Africa inviting additional investment banks to join the preparations. The company had previously postponed the IPO to the second half of 2026 due to unfavorable market conditions, having initially targeted a listing by 2025 or the first half of 2026.
Airtel Money has become a central part of Airtel Africa's growth strategy, accounting for 21.1 percent of its total revenue in the year ended March 31, 2026, generating approximately $1.35 billion. The platform serves over 54 million customers, enabling them to send and receive funds, pay bills, purchase airtime, and withdraw cash across Africa. The proposed IPO aims to convert the rapid growth of its mobile money platform into fresh capital, allowing investors to value the business independently from Airtel Africa's voice and data operations. The raised capital would fund expansion of its agent network, strengthen its technology infrastructure, and introduce new financial products.
