Airtel Africa Plc is considering an initial public offering, IPO, of its mobile money subsidiary, Airtel Money, in a deal that could raise between $1.5 billion and $2 billion, according to sources familiar with the development.
Reports indicate that the proposed listing could rank among the biggest recent IPOs on a European exchange, underscoring growing investor appetite for African fintech assets.
Airtel Africa, regarded as Africa’s third-largest wireless carrier, is largely controlled by Indian billionaire Sunil Mittal through Bharti Enterprises Ltd.
The telecom giant has for years signalled plans to unlock value from Airtel Money, one of its fastest-growing businesses, which has gained momentum from rising financial inclusion and increasing adoption of digital payment services across the continent.
Sources close to the matter disclosed that London has emerged as the preferred venue for the listing, although exchanges in the United Arab Emirates and other parts of Europe were previously under consideration.
However, final decisions on the transaction size, timing and location have yet to be concluded, as discussions remain at an early stage.
Market analysts say the proposed IPO could place Airtel Money’s valuation at as much as $10 billion, making it one of the most significant fintech transactions to emerge from Africa in recent years.
Chief Executive Officer of Airtel Africa, Sunil Taldar, had in February reaffirmed the company’s commitment to listing the business by mid-2026.
Industry insiders, however, say the timeline may shift slightly as the company fine-tunes its strategy and assesses prevailing market conditions.
Advisory services for the planned offering are currently being handled by Citigroup Inc., with additional investment banks expected to join the process.
Airtel Money has also drawn investments from global players including TPG Inc., Mastercard Inc. and an affiliate of the Qatar Investment Authority.
The platform has continued to post strong financial performance, recording a 29.4 per cent year-on-year increase in revenue to $986 million over a nine-month period.
Its customer base also crossed the 52 million mark for the first time, according to Airtel Africa’s latest quarterly earnings report.
The company is expected to release its full-year financial results on May 8, a development investors say could offer clearer guidance on Airtel Money’s valuation and future growth prospects.
Airtel Africa currently operates in 14 African countries and maintains dual listings in London and Lagos.
The proposed IPO comes amid rapid expansion in Africa’s fintech ecosystem, driven by a youthful, tech-savvy population increasingly relying on mobile platforms for banking, transfers and digital payments.
