Airtel Africa Plc's initial public offering of its mobile money business, Airtel Money, is expected to raise between $1.5 billion and $2 billion. This figure is a decrease from the previously anticipated $4 billion. London has emerged as the most likely location for the listing, although exchanges in the United Arab Emirates and other European venues were also considered.
The listing had been delayed to the second half of 2026 due to market uncertainties, including rising energy costs and their potential impact on inflation and near-term profit margins. The company, controlled by billionaire Sunil Mittal’s Bharti Enterprises Ltd., had initially aimed for a listing earlier in the year. The delay allowed for final decisions on timing, valuation, and location.
The valuation of Airtel Money in this IPO could reach up to $10 billion, positioning it as a significant player in European stock markets. This is lower than a previous valuation of $2.65 billion in 2021 when the unit received investments from TPG Inc. and Mastercard Inc., and an affiliate of Qatar’s sovereign wealth fund. Citigroup Inc. is reportedly advising on the IPO, with additional banks expected to be appointed.
As of September 2025, Airtel Money's customer base exceeded 52 million, an increase from approximately 44.6 million users in June 2025. The mobile money unit's revenues grew by 29.4% to $986 million in the nine months prior to April 2026. This IPO reflects Airtel Africa’s broader strategy to unlock value from its mobile money unit, which has been a key growth driver amid pressure on traditional telecom revenues in its operations across 14 African countries.
