Airtel Money, the mobile financial services arm of Bharti Airtel’s African operations, is moving closer to a public listing that could value the business at up to $10 billion. If achieved, it would rank among the largest IPOs on a European exchange in recent years.
The expected valuation range being discussed is between $7 billion and $10 billion, based on people familiar with the matter.
London becomes frontrunner for IPO location
London has now emerged as the most likely destination for the listing, replacing earlier expectations that the company might choose an exchange in the United Arab Emirates. Other European markets have also been considered, but London is currently seen as the leading option.
The final decision on the listing venue has not yet been made, and discussions remain ongoing.
Strong growth drives investor interest
Airtel Money has expanded rapidly in recent years, supported by rising mobile money adoption across Africa. The business reported revenues of $986 million over a nine-month period last year, reflecting growth of nearly 30%.
User numbers have also crossed 52 million, marking a key milestone in its expansion.
Ownership and strategic importance
The business is part of Bharti Airtel’s Africa portfolio, which operates as one of the continent’s largest telecom and digital service platforms. The parent company is controlled by billionaire Sunil Mittal’s Bharti Enterprises.
Airtel Africa is currently the third-largest wireless carrier in the region, and Airtel Money has become a key growth driver within its ecosystem.
IPO timeline and advisory team
Airtel Africa CEO Sunil Taldar had earlier indicated that the company aims to list the unit by mid-year. However, that timeline now appears tight given the early-stage nature of the process.
Citigroup is advising on the IPO, with plans to potentially add three to four more banking partners as the deal progresses.
Investors and stakeholder backing
The business already has backing from several global investors, including TPG Inc, Mastercard, and an affiliate of the Qatar Investment Authority, reflecting strong international interest in the fintech platform.
Next steps
While momentum is building, key details such as valuation finalisation, timing, and listing structure are still under discussion. Company representatives have declined to comment as the process remains confidential and subject to change.
