Airtel Africa's Mobile Money Arm Prepares for $4B IPO

Airtel Africa is planning a spinout of its mobile money arm, with Citigroup advising on a potential IPO that could value the business at over $4 billion. Investor meetings are underway in Dubai and London, with the company aiming to take Airtel Money public in H1 2026. The unit has 45.8 million customers and handles $162 billion in annualized transaction value, making it a promising fintech platform in Africa's mobile-first markets. The IPO could be a significant monetization moment for billionaire Sunil Mittal's Bharti empire.

Airtel Africa Plc, the third-largest telecom operator in Africa, is preparing for a significant milestone with the planned initial public offering (IPO) of its mobile money unit, Airtel Money. The company has engaged Citigroup Inc. as its advisor for this potential IPO, which could value the business at over $4 billion [1].

Investor meetings are currently underway in Dubai and London, with the company aiming to list Airtel Money in the first half of 2026. The IPO represents a strategic move for Airtel Africa, which operates in 14 countries and is listed in London and Lagos. The mobile money unit, which had 45.8 million customers as of June 2025, handles an annualized transaction value of $162 billion, making it a promising fintech platform in Africa's mobile-first markets [2].

The growth of Airtel Money has been fueled by several strategic investments. In 2021, TPG Inc. invested $200 million in the business at a $2.65 billion valuation, followed by Mastercard Inc.'s $100 million commitment and a later stake from a Qatar sovereign fund affiliate. These investments underscore the unit's potential and appeal to investors seeking exposure to Africa's fintech sector [3].

Billionaire Sunil Mittal, who controls Airtel Africa through his wider Bharti empire, stands to benefit significantly from this IPO. The spinout of Airtel Money could mark a pivotal monetization moment for Mittal's empire, which also includes Indian telecom operator Bharti Airtel Ltd. and UK-based satellite firm OneWeb. Last year, a unit of closely held Bharti Enterprises Ltd. acquired a 24.5% stake in BT Group Plc, further expanding Mittal's business portfolio [1].

The IPO of Airtel Money is expected to be a significant event in the African fintech landscape, providing a roadmap for investors seeking exposure to high-velocity transaction engines in a continent with some of the highest unbanked populations globally. Citigroup's involvement as the lead advisor highlights the unit's potential and the bank's confidence in the deal's success.

References:
[1] https://economictimes.indiatimes.com/markets/ipos/fpos/sunil-mittal-said-to-tap-citi-for-airtel-moneys-2026-ipo/articleshow/123651737.cms
[2] https://finance.yahoo.com/news/airtels-4b-fintech-ipo-set-211210292.html
[3] https://www.bloomberg.com/news/articles/2025-09-02/billionaire-sunil-mittal-taps-citigroup-for-airtel-money-s-2026-ipo