Airtel Africa Plc is preparing a major initial public offering of its mobile money business, Airtel Money, in a deal that could raise between $1.5 billion and $2 billion, marking one of the most significant fintech listings in recent years. London is currently emerging as the leading venue for the IPO, although other international exchanges, including those in the United Arab Emirates, were previously considered as potential options.
The listing could value Airtel Money at as much as $10 billion, positioning it among the largest fintech-related IPOs on a European exchange in recent years. The move reflects both the rapid expansion of mobile financial services in Africa and growing global investor interest in digital payments platforms serving underbanked populations.
Airtel Money is part of Airtel Africa, which is majority owned by Bharti Enterprises and controlled by billionaire Sunil Mittal. The company is the third-largest wireless carrier in Africa and has been steadily expanding its mobile money operations across multiple markets. The IPO has been anticipated for several years, with Airtel Africa’s chief executive Sunil Taldar previously indicating plans to list the unit by mid-year, though the timeline now appears increasingly ambitious.
The company is reportedly working with Citigroup Inc. on the planned listing, with additional banks expected to join the syndicate as preparations advance. However, the IPO remains in early stages, and key details such as timing, final valuation, and listing venue have not yet been formally decided.
Airtel Money has attracted significant international backing, including investors such as TPG Inc., Mastercard Inc., and a subsidiary of Qatar’s sovereign wealth fund. The business has recorded strong growth momentum, with revenues rising 29.4 percent over nine months to $986 million last year. The platform also surpassed 52 million users for the first time, reflecting increasing adoption of mobile-based financial services across Africa.
The planned IPO comes at a time when Africa has emerged as a key frontier for fintech expansion, driven by a young, mobile-first population and limited traditional banking penetration. Airtel Africa operates in 14 countries across the continent and is already listed in both London and Lagos, giving it a dual-market presence that supports international capital access.
The broader Airtel group is part of a diversified portfolio controlled by Sunil Mittal, which also includes India’s Bharti Airtel and UK-based satellite communications company OneWeb. The group has been actively expanding its global telecom and digital footprint, including investments in British telecom infrastructure through a stake in BT Group.
If successful, the Airtel Money IPO could become a landmark moment for African fintech on global capital markets, reinforcing London’s role as a hub for large-scale emerging market listings while highlighting the growing convergence between telecommunications and digital financial services.
