Why Airtel Africa chose London for its planned $10 billion Airtel Money IPO

Airtel Africa has revived plans to list its mobile money business in London, abandoning an earlier consideration of a Middle Eastern exchange as it pushes to unlock value from one of its fastest-growing operations.

The telecoms group has invited additional investment banks to join preparations for the initial public offering, with Citigroup leading the transaction. The listing could take place in the second half of 2026 and value Airtel Money at about $10 billion.

People familiar with the plan estimate that Airtel Africa could raise about $1.5 billion from the offering. However, the company has not announced the size of the stake it will sell or confirmed a final timetable.

Why Airtel Africa chose London

Airtel Africa had previously considered listing the mobile money business in the Middle East. The company later changed direction as geopolitical tensions increased uncertainty across global financial markets.

London also offers a familiar investor base. Airtel Africa has traded on the London Stock Exchange since 2019, giving investors an existing understanding of the group’s operations, earnings and exposure to African markets.

The UK capital’s deeper financial market and international reputation also strengthened its appeal. A London listing could give Airtel Money access to institutional investors already interested in telecommunications, financial technology and emerging markets.

The proposed IPO could become London’s largest new flotation since financial technology company Wise entered the market in 2021. It would also provide a major boost to a stock exchange that has struggled to attract large new listings.

Airtel Money becomes central to the group’s growth

Airtel Money allows customers to send and receive funds, pay bills, purchase airtime and withdraw cash through agents and kiosks across Africa.

The business now serves more than 54 million customers and generated about $1.35 billion in revenue during Airtel Africa’s 2026 financial year.

Its growth reflects the rising demand for digital financial services across African markets, particularly in countries where many consumers have mobile phones but limited access to traditional bank branches.

Airtel Money accounted for 21.1 percent of Airtel Africa’s total revenue in the year ended March 31, making it the group’s third-largest business segment.

A separate listing would allow investors to value the mobile money operation independently from Airtel Africa’s voice and data businesses.

It could also help the company attract investors who want direct exposure to Africa’s expanding digital-payments market without investing in the wider telecommunications group.

IPO could raise $1.5bn for expansion

A successful offering could raise approximately $1.5 billion, although the final amount will depend on investor demand and market conditions.

The transaction could provide fresh capital for Airtel Money to expand its agent network, strengthen its technology infrastructure and introduce more financial products.

The company could also deepen its presence in merchant payments, cross-border transfers and other digital financial services.

For Airtel Africa, the IPO offers a way to raise money and establish a clearer market value for the mobile money business without selling a larger portion of its core telecommunications operations.

The parent company could retain control of Airtel Money while giving external investors direct access to its future growth.

Airtel has delayed the listing before

Airtel Africa has discussed listing Airtel Money for several years.

The company initially targeted a listing by 2025 and later planned to complete the transaction during the first half of 2026. It postponed the IPO to the second half of the year in May, citing unfavourable market conditions.

Market volatility linked to the conflict involving Iran had raised energy and logistics costs and weakened investor appetite for new public offerings.

At the time, Airtel Africa said it had made progress on the transaction and remained committed to completing the listing when market conditions allowed.

The appointment of more investment banks suggests that the group has resumed active preparations.

Still, the decision to hire advisers does not guarantee that the IPO will happen on schedule. Airtel Africa must secure investor support for its proposed valuation and choose a period when market conditions can support a major offering.

What the IPO means for Airtel Africa investors

A separate listing could help expose value that investors may not fully recognise within the wider Airtel Africa group.

Mobile money typically grows faster than conventional voice services and gives operators opportunities to expand into payments and other financial products.

Giving Airtel Money its own public valuation could therefore support Airtel Africa’s overall market value.

However, the final structure will matter. Existing Airtel Africa shareholders will want to know how much of the subsidiary the group intends to sell and how it plans to use the proceeds.

They will also assess whether separating the business creates more value for the parent company or moves too much of Airtel Africa’s future growth into a different listed entity.

London faces its own test

The proposed IPO would also test whether London can attract large technology and financial-services listings after several companies postponed or cancelled planned offerings.

Only seven companies listed in London during the first half of 2026, raising about £577.2 million, according to figures cited by the Financial Times.

Airtel Money’s flotation would therefore carry importance beyond the telecoms group.

For London, it could restore some confidence in the market’s ability to attract large international listings.

For Airtel Africa, it offers a chance to convert the rapid growth of its mobile money platform into fresh capital and a standalone valuation.

The company has revived the plan, selected London and started expanding its banking team. The remaining question is whether investors will accept a valuation of about $10 billion when the offer reaches the market.