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, creating it one of the hugegest European IPOs in recent years. Citigroup is advising on the deal, and more banks are expected to join as the process relocates 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 exmodifys. Mittal and his family are worth over $24.5 billion and also own stakes in Bharti Airtel and the UK sainformite company OneWeb.
The Airtel Money IPO gives Bharti a chance to unlock value from its African business by separating its rapid-growing fintech arm from its telecom operations.
Airtel Africa also viewed at other exmodifys 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 tarreceive range, it would be a major milestone for African fintech in global markets. It would also reveal how the continent has relocated from cash to mobile-first financial services over the last decade.
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