Airtel Africa is considering a London IPO of its mobile money unit to raise between $1.5 billion and $2 billion, reports Bloomberg. The IPO could value Airtel Money at up to $10 billion, making it one of the biggest European IPOs in recent years. Citigroup is advising on the deal, and more banks are expected to join as the process moves forward.
Airtel Money has attracted major international investors such as TPG, Mastercard, and a Qatar Investment Authority affiliate. TPG invested $200 million in 2021 when the company was valued at about $2.65 billion, so a $10 billion IPO would represent a fourfold increase.
Airtel Africa is the third-largest wireless carrier in Africa and is primarily owned by Bharti Enterprises, led by billionaire Sunil Mittal. The company is listed on both the London and Lagos stock exchanges. Mittal and his family are worth over $24.5 billion and also own stakes in Bharti Airtel and the UK satellite company OneWeb.
The Airtel Money IPO gives Bharti a chance to unlock value from its African business by separating its fast-growing fintech arm from its telecom operations.
Airtel Africa also looked at other exchanges in the UAE and Europe before settling on London. Listing there keeps the unit within its current investor base and regulatory system, lowers execution risk, and aligns with the UK’s push to attract major African and emerging-market tech listings following recent reforms.
Direct competitors like MTN MoMo and Safaricom’s M-Pesa are already listed and serve as pricing benchmarks that London investors are familiar with.
If the IPO reaches the top of its target range, it would be a major milestone for African fintech in global markets. It would also show how the continent has moved from cash to mobile-first financial services over the last decade.
