Airtel Money IPO: London frontrunner for $2bn raise

What is being planned

Airtel Africa Plc is considering an initial public offering (IPO) of its mobile money business, Airtel Money, according to a Bloomberg report citing people familiar with the matter. The fundraising under discussion is in the range of $1.5 billion to $1 billion. The same sources said the proposed listing could value Airtel Money at as much as $10 billion. The discussions are described as private and still at an early stage. Bloomberg said no final decisions have been taken on the size of the deal, its timing, or even the eventual listing venue. Even so, the reporting suggests the company is progressing on preparations that have been discussed for some time.

London seen as the most likely listing venue

London has emerged as the frontrunner for the listing, according to the people cited by Bloomberg. This marks a shift from earlier reporting that pointed to an exchange in the United Arab Emirates as a preferred option. Bloomberg also noted that other European exchanges had been under consideration. The latest update suggests London has moved to the front, but the people quoted cautioned that the situation remains fluid. Venue selection can influence valuation, investor mix, and post-listing liquidity, and the company has not publicly confirmed a choice. Airtel Africa and Citigroup representatives declined to comment, Bloomberg reported.

Deal structure and bankers involved

Airtel Africa is working with Citigroup Inc. on the planned IPO, the people familiar with the matter told Bloomberg. The sources added that three or four more banks could be appointed for the listing. The report also said Airtel Africa has been meeting investors in Dubai this week, as part of early-stage engagement. While such meetings can help gauge demand, they do not guarantee a final transaction. The reporting emphasises that the plan remains preliminary.

How big could it be

If Airtel Money is valued at as much as $10 billion, it would place the transaction among the larger IPO candidates on European exchanges in recent years, Bloomberg reported. The contemplated raise of up to $1 billion implies a substantial free float, depending on the final structure. But Bloomberg’s sources said the size of the deal is not final, and the timeline is also not locked in. Airtel Africa has been planning an Airtel Money listing after years of growth in the unit. The company is described as Africa’s third-largest wireless carrier.

What Airtel Africa has said previously about timing

In February, Airtel Africa Chief Executive Officer Sunil Taldar said the firm remained committed to listing the unit by the middle of the year. Bloomberg noted that this timeline now appears tight. Investors will get another near-term data point because Airtel Africa is due to report its full-year results on May 8. Any additional disclosures around Airtel Money’s performance or listing preparation could be watched closely, though the company has not announced an IPO formally.

Airtel Money’s performance metrics in focus

Airtel Africa’s third-quarter results cited in the report showed Airtel Money posted a 29.4% rise in nine-month revenue to $186 million last year. The business also crossed 52 million users for the first time. These metrics matter because IPO investors typically focus on growth rate, unit economics, customer engagement, and regulatory operating environment across markets. The report did not provide profit figures for Airtel Money, so valuation expectations remain based on market conversations rather than disclosed financial models.

Investor base and strategic backers

Airtel Money counts several international investors, including TPG Inc, Mastercard Inc, and an affiliate of Qatar Investment Authority, according to the Bloomberg report. Such investors can add credibility in public-market marketing, but their eventual role in an IPO can vary. The report did not specify whether any of these investors would sell shares in the proposed offering or hold through the listing.

Why this matters for Bharti Airtel watchers

Airtel Africa is mostly owned by billionaire Sunil Mittal’s Bharti Enterprises Ltd (Bharti Airtel Ltd), Bloomberg reported. That makes the Airtel Money IPO relevant to investors tracking the broader Bharti ecosystem, even though the listing is tied to Airtel Africa. Separately, Bharti Airtel stock saw a block deal in which BNP Paribas bought 5.4 lakh shares from BoFA Securities for ₹96 crore at ₹1,782 per share, described as nearly flat with Monday’s close. In another update included in the provided material, Bharti Airtel also announced a $1 billion investment in its data center arm.

Broader market and sector context: IPO flows and Jio listing risk

The provided material also flagged an active IPO environment in India for financial services firms in FY26, with fundraising of ₹49,795 crore through IPOs, described as the highest in a decade. For listed telecom players, brokerage commentary highlighted how future large issuances can affect investor flows. Emkay Global retained a ‘Reduce’ rating on Bharti Airtel and pointed to ARPU sensitivity, noting that the Street cut its FY25-28 ARPU CAGR estimate for India Mobility to 10.2% (from 10.9%), with the estimate referenced at ₹313 versus ₹319 earlier.

Emkay also flagged the potential Reliance Jio IPO as an overhang on flows, arguing that fresh issuance could force portfolio rotation. The same material cited reports that Jio IPO valuation expectations have narrowed to $120 billion to $140 billion from $130 billion to $170 billion earlier. Separately, Jefferies raised a target price for Airtel to ₹2,760, implying a 32% upside, and noted the Jio listing is expected in the first half of 2026 as confirmed by Mukesh Ambani.

Key numbers at a glance

What to watch next

The Airtel Money IPO remains at an early stage, with London currently seen as the most likely venue and fundraising of up to $1 billion under consideration, according to the people who spoke to Bloomberg. Investors will watch whether Airtel Africa signals a clearer timeline around its May 8 full-year results. Any confirmation on venue, appointed banks beyond Citigroup, or the final size of the offering would move this from planning to execution. Until then, the most concrete datapoints remain the reported fundraising range, the indicated valuation ceiling, and Airtel Money’s latest disclosed scale in revenue and users.