Airtel Africa Revisits London IPO Plans for Airtel Money

Airtel Africa is preparing to revive plans to publicly list its mobile money business, Airtel Money, in London after shelving earlier proposals because of challenging market conditions. The telecommunications group is targeting an initial public offering (IPO) in the second half of 2026 that could value the business at approximately US$10 billion and raise around US$1.5 billion, according to reports citing people familiar with the matter.

The company had originally planned to list Airtel Money by 2025 but postponed the transaction several times amid volatile global financial markets. Airtel Africa also considered listing the business on a Middle Eastern exchange before opting for London, where it expects to benefit from a larger international investor base and deeper capital markets.

According to reports, Citi continues to lead the IPO process, while Airtel Africa has invited additional investment banks to join the syndicate, indicating that preparations for the listing are progressing.

Mobile Money Drives Growth

The planned listing reflects the increasing importance of mobile financial services within Africa’s telecommunications sector. Mobile money platforms have evolved from value-added services into significant revenue generators, attracting investor interest similar to that seen in standalone fintech companies.

Airtel Money has expanded its footprint across the continent through an extensive network of agents and merchant outlets that allow customers to deposit, transfer and withdraw funds using mobile phones. The platform now serves more than 54 million customers across Airtel Africa’s markets and generated approximately US$1.35 billion in revenue during 2026.

Separating the mobile money business through a standalone listing could allow investors to assess the fintech operation independently from Airtel Africa’s telecommunications business, potentially unlocking additional shareholder value.

Potential Boost for London Markets

The proposed IPO would also represent one of London’s largest new listings in recent years at a time when the London Stock Exchange has experienced subdued IPO activity.

Global economic uncertainty, geopolitical tensions and cautious investor sentiment have led several companies to postpone or cancel planned listings during the past year. If completed at the expected valuation, Airtel Money’s IPO would rank among the largest listings in London since fintech company Wise debuted in 2021.

Investor Confidence in African Fintech

Airtel Africa, which operates in 14 African countries, has seen strong investor support over the past year, driven by improving financial performance and continued growth in its mobile money business.

The planned IPO is expected to provide an indication of international investor appetite for African fintech companies at a time when digital financial services continue to expand across the continent. A successful listing could also encourage other African technology and financial services businesses to consider accessing international capital markets as they seek funding for future growth.