Airtel Africa expands banker roster for London IPO of mobile money unit

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Airtel Africa mobile money IPO

Highlights

Airtel Africa hires more investment banks, with Citi as lead, for a London IPO of Airtel Money potentially valuing the unit at about $10 billion (£7.5 billion).
Airtel Money’s IPO could become London’s largest since Wise’s July 2021 listing, driven by London’s deep capital markets after delays due to market and geopolitical conditions.
Airtel Money serves over 54 million customers with $1.35 billion projected 2026 revenue, while London equity markets struggle, hosting only seven listings raising £577.2 million in H1 2024.

Listing plans and deal structure

As reported by Financial Times, Airtel Africa is hiring additional investment banks for the planned London listing of Airtel Money, with Citi leading work on a transaction that people familiar with the matter say could value the unit at about $10 billion, or £7.5 billion.

At that valuation, the flotation would be the largest new London listing since Wise reached a valuation of nearly £9 billion in its July 2021 direct listing. People familiar with the plans say Airtel has now settled on London as its preferred venue after earlier considering a listing in the Middle East.

The telecoms group originally aims to list the mobile money business by 2025, but those plans are repeatedly delayed. In May this year, the company blames the latest postponement on market conditions, while people familiar with the matter say geopolitical tensions in the Middle East also contribute to the shift in venue.

Airtel also considers other European exchanges before choosing London, with one person familiar with the company saying the city’s international standing and deep capital markets help secure the decision. Representatives for Citi, Airtel Africa and Airtel Money decline to comment.

Market impact for London and telecoms

Airtel Africa, founded in 2010 and chaired by Indian billionaire Sunil Bharti Mittal, has grown into Africa’s second-largest telecoms operator. Its Airtel Money business operates thousands of branches and kiosks across Africa, allowing customers to deposit funds on mobile phones and withdraw cash, and it has more than 54 million customers with revenue of $1.35 billion in 2026.

The proposed IPO arrives at a sensitive moment for London’s equity market. The UK has increasingly struggled to compete with the U.S. for new flotations, while a series of London-listed companies has been acquired and removed from the market by private equity buyers.

Several prominent IPOs are also pulled or delayed amid concerns over market volatility, including Visma, RAC and Loveholidays. Advisers cite factors including the Iran war and the rise of AI as contributors to unsettled trading conditions.

London hosts just seven listings in the first half of the year, raising £577.2 million in total, according to data from EY. Most of that total comes from the flotation of a stake in Uzbekistan’s national investment fund, which raises £511 million.

Our earlier article on the UK’s planned Digital Gilt Instrument explained how Britain aims to pilot a blockchain-based sovereign bond to modernise debt issuance and cut operational friction for market participants. We also noted that the finance ministry selected HSBC to run the underlying platform and that the Bank of England is prepared to accept the digital gilt as collateral, a step designed to help integrate tokenised assets into mainstream UK market infrastructure.

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