Airtel targets $2bn London IPO that could value Africa’s mobile money at $10bn

Airtel Africa is considering listing its mobile money business, Airtel Money, on the London Stock Exchange in a deal that could raise up to $2 billion and value the unit at $10 billion, according to people familiar with the plans.

Bloomberg reported on Wednesday that plans are in progress, but they are not yet finalized. The size, timing, and location of the deal are still undecided. London is the most likely location, but exchanges in the United Arab Emirates and other European countries were previously considered. Citigroup is the main advisor, and three or four more banks are expected to join.

If it goes ahead at that valuation, this could rank among the larger IPOs on a European exchange in recent years, and would mark a defining moment for African fintech on global capital markets.

Airtel Africa’s chief executive, Sunil Taldar, had said in February that the company intended to list the unit by mid-2026. That timeline may slip, but the direction is clear. Airtel has been signalling for years that it wants to unlock the value sitting inside Airtel Money as a standalone business.

Why Airtel Money is worth this much attention

To understand why this IPO is a big deal, you need to understand what Airtel Money actually does. It is not a bank. It is a mobile-first financial services platform that lets tens of millions of Africans send money, pay bills, receive wages, and access credit directly from their phones, often without ever stepping into a bank branch or holding a bank account.

That model has proven remarkably powerful. In the nine months to December 2025, Airtel Money’s revenue grew 29.4% to nearly $1 billion. Its user base crossed 52 million for the first time.

In the third quarter of 2025, the total value of transactions was over $210 billion, which is a 36% increase compared to the same period last year. This significant growth shows that the business is expanding rapidly and producing substantial revenue.

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International investors are paying attention. TPG, Mastercard, and a company connected to Qatar’s government investment fund have all invested in Airtel Money, showing that major investment firms are confident in its potential.

The listing comes as Airtel Africa navigates its own leadership transition, with incoming chairman Gopal Vittal set to take over from Sunil Bharti Mittal in July. Whoever leads the charge, floating Airtel Money on the London market would be the biggest strategic move the company has made since its own IPO in 2019, and potentially its most consequential yet.