Airtel Africa Taps Citi for Planned IPO of Mobile Money Unit

Airtel Africa, controlled by billionaire Sunil Mittal, is planning an initial public offering (IPO) for its mobile money unit in 2026, tapping Citigroup as a lead bank. The deal could value Airtel Money at over $4 billion, with the company having 45.8 million customers and an annualized transaction value of $162 billion. The IPO is expected to take place in the first half of 2026, with no final decisions made on timing, location, or size.

Billionaire Sunil Mittal's Airtel Africa Plc has tapped Citigroup Inc. as the lead bank for an anticipated initial public offering (IPO) of its mobile money unit, Airtel Money. The deal, expected to take place in the first half of 2026, could value Airtel Money at over $4 billion [1].

Airtel Africa, one of Africa's largest telecom operators, has been weighing various options for the IPO, including the United Arab Emirates, London, and other European venues. The company has been committed to listing its mobile money business in the first half of 2026 [1].

Airtel Money, with 45.8 million customers and an annualized transaction value of $162 billion, is a significant player in the African fintech landscape. In 2021, TPG Inc. invested $200 million in Airtel Money at a $2.65 billion valuation, while Mastercard Inc. committed $100 million [1].

Airtel Africa has been performing strongly, with its stock experiencing a significant upswing. Barclays recently raised its price target for the stock to 240p from 210p, reflecting the company's robust financial performance and strategic initiatives [2]. The company's total customer base grew by 9% to 169.4 million in the quarter ended June 30, with data customers increasing by 17.4% to 75.6 million. Revenue grew by 24.9% to $1.42 billion in constant currency and 22.4% in reported currency, while profit after tax improved to $156 million [2].

Airtel Africa's strategic partnerships and technological advancements have also contributed to its positive trajectory. The company partnered with Google Cloud in May 2024 to support cloud adoption and the development of generative AI solutions for businesses in Africa. Additionally, in July 2024, Airtel Africa completed a 5G Cloud-RAN trial with Nokia, achieving data throughput of over 1.2 Gbps [2].

The IPO is expected to be a significant event for both Airtel Africa and the broader African fintech market, as it positions the company as a leader in technological innovation and digital transformation across the continent.

References:
[1] https://www.bloomberg.com/news/articles/2025-09-02/billionaire-sunil-mittal-taps-citigroup-for-airtel-money-s-2026-ipo
[2] https://www.asktraders.com/analysis/airtel-africa-stock-surges-as-barclays-boosts-price-target-after-90-ytd-gain/