Airtel Africa Plc is exploring a potential initial public offering (IPO) of its mobile money business that could raise between $1.5 billion and $2 billion, according to sources familiar with the matter.
The proposed listing, likely in London, could value Airtel Money at up to $10 billion, positioning it among the largest recent listings on a European exchange.
The telecoms group, largely owned by Sunil Mittal through Bharti Enterprises, has long signalled plans to unlock value from its fast-growing mobile money arm, driven by rising digital payments and financial inclusion across Africa.
While London is the frontrunner, alternative venues in the Middle East and Europe have also been considered. Final decisions on timing, size, and location are still under discussion.
Airtel Money has attracted major global investors, including TPG Inc., Mastercard Inc., and an affiliate of the Qatar Investment Authority.
The platform continues to post strong performance, with revenue rising 29.4 per cent year-on-year to $986 million over nine months, while its user base has exceeded 52 million.
Chief Executive Officer Sunil Taldar had earlier indicated a mid-2026 timeline for the listing, though sources suggest the process may take longer as the company refines its strategy.
Citigroup Inc. is leading advisory work on the IPO, with additional banks expected to join the deal.
Airtel Africa, which operates in 14 countries and is dual-listed in London and Lagos, is set to release its full-year results on May 8, an update that could provide further clarity on the valuation and timing of the proposed listing.
The planned IPO reflects growing global investor interest in African fintech, as mobile-based financial services continue to expand across the continent.
