KAMPALA, May 4, 2026 — Airtel Africa is preparing an initial public offering [IPO] of its mobile money arm, Airtel Money, in a deal that could raise between US$ 1.5 billion and US$ 2 billion, according to people familiar with the matter. The unit could be valued at as much as US$ 10 billion, positioning it among the largest fintech listings ever undertaken on a European exchange.
London has emerged as the most likely venue for the listing, a logical choice given that Airtel Africa has been traded there since 2019 on the London Stock Exchange. Other options, including exchanges in the United Arab Emirates, had previously been considered but are now understood to be less likely. Final decisions on the size, timing and location of the IPO have yet to be made, with discussions still at an early stage.
The transaction is being led by Citigroup as lead adviser, with additional banks expected to join the syndicate. The business already counts several prominent international investors, including TPG, Mastercard and an affiliate of the Qatar Investment Authority.
Over the past nine months, Airtel Money has delivered strong growth, with revenues rising 29.4 per cent year-on-year to US$986 million. Its customer base has also surpassed 52 million users for the first time, spanning 14 African markets. The performance underscores a broader shift towards financial inclusion and the rapid adoption of mobile payments across the continent.
Chief executive Sunil Taldar said in February that the listing was on track for mid-2026. However, more recent indications suggest the timeline could slip as the group fine-tunes its strategy. Greater clarity is expected on May 8, when Airtel Africa publishes its full-year results, which should provide further insight into the unit’s valuation and growth outlook.
Beyond the financials, the planned IPO reflects a wider trend across Africa, where a young and increasingly connected population is turning to mobile platforms for access to financial services.
Airtel Africa already has a notable footprint on African stock markets through its locally listed subsidiaries, including Airtel Africa Plc on the Nigerian Exchange, Airtel Malawi Plc on the Malawi Stock Exchange, Airtel Uganda Plc on the Uganda Securities Exchange, and Airtel Networks Zambia Plc on the Lusaka Securities Exchange. The proposed IPO would therefore add to a group already well-versed in public capital markets.
https://thecooperator.news/airtel-to-commence-5g-deployment-from-august/
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