Airtel Africa Plc is reportedly considering scaling back the size of the initial public offering for its mobile money business, Airtel Money. The company is now said to be targeting a raise of between $750 million and $1 billion, which is a significant reduction from the previously anticipated $1.5 billion to $2 billion. This adjustment comes as the company prepares to kick off the deal.
The London Stock Exchange remains the most likely venue for the listing, which is expected to take place in the second half of 2026. This IPO has been subject to previous delays, with the company initially aiming for the first half of 2026 but pushing it back due to what it cited as unfavorable market conditions and geopolitical developments in the Middle East. The listing is crucial for Airtel Africa, partly due to a July 31, 2026, deadline to complete the IPO or risk triggering a buyback obligation of approximately $515 million for minority shareholders.
Airtel Money, which operates across 14 African countries, has shown strong growth, with its revenues increasing by 29.4% to $986 million in the last year and its user base exceeding 52 million. The business processes over $210 billion in transactions annually and boasts an EBITDA margin of 50.8%. Despite the potential reduction in IPO size, the listing could still value Airtel Money at up to $10 billion, positioning it as a substantial player in European stock markets. Citigroup Inc. is leading the transaction, with plans to appoint additional banks to the syndicate. International investors, including TPG Inc. and Mastercard Inc., hold minority stakes in Airtel Money.
The mobile money unit's strong performance, despite the IPO adjustments, underscores its significance within Airtel Africa's portfolio and the broader African fintech landscape. A successful listing, even at a reduced size, would represent a landmark event for London's markets and for the African mobile money sector, being the first separation of a major mobile money platform from its parent telecom business among Africa's top three. The company is owned by billionaire Sunil Mittal’s Bharti Enterprises Ltd.
