Airtel Africa Plans $4 Billion Airtel Money IPO with Citi Advisors

Airtel Africa, the third-largest telecom operator in Africa controlled by billionaire Sunil Mittal, is preparing for an initial public offering (IPO) of its rapidly growing mobile money unit, Airtel Money, targeting a 2026 listing. The company has appointed Citigroup as its advisor and is currently engaging with investors in Dubai, with potential listing venues including London, the UAE, and other European markets. Airtel Money, valued at over $4 billion in the planned IPO, has significantly expanded since its 2021 valuation of $2.65 billion, supported by investments from Mastercard, TPG Inc., and Qatar's sovereign wealth fund. The mobile money service has 45.8 million customers and an annualized transaction value of $162 billion, benefiting from Africa's growing fintech sector and initiatives like Nigeria’s SmartCash Payments Service Bank. The IPO is expected to unlock value for Airtel Africa and strengthen its balance sheet, while no final decisions have been made on deal size or venue. This move highlights the strategic importance of digital financial services to Airtel Africa’s growth beyond traditional telecom operations.