Airtel Africa Said To Tap Citi For Airtel Money's 2026 IPO
A spokesperson for Airtel Africa said the firm remains committed to listing its mobile money business in the first half of 2026.
Billionaire Sunil Mittal’s Airtel Africa Plc has tapped Citigroup Inc. for a planned initial public offering of its mobile money unit, according to people familiar with the matter.
Africa’s third-largest telecom operator is working with the Wall Street bank and is meeting investors in Dubai this week, the people said, asking not to be identified because the information isn’t public.
The company has been weighing a deal that could value Airtel Money at more than $4 billion, Bloomberg News reported last year. It was considering the United Arab Emirates, London and other European venues, people familiar with the matter said at the time.
No final decisions have been made on the timing, location or size of the deal.
A spokesperson for Airtel Africa said the firm remains committed to listing its mobile money business in the first half of 2026. Representatives for Citi declined to comment.
In 2021, TPG Inc. invested $200 million in Airtel Money at a $2.65 billion valuation, while Mastercard Inc. committed $100 million. Later that year, an affiliate of Qatar’s sovereign wealth fund took a stake.
The fast-growing mobile money unit had 45.8 million customers as of the quarter ended June, with an annualized transaction value of $162 billion. Africa has become a hub for fintech companies aiming to tap a young population increasingly using technology for banking services.
Airtel Africa operates in 14 countries and is listed in London and Lagos. It’s one of several businesses controlled by Mittal, who together with his family has a net worth of more than $27 billion, according to the Bloomberg Billionaires Index.
His empire also includes Indian telecom operator Bharti Airtel Ltd. and UK-based satellite firm OneWeb. Last year, a unit of closely held Bharti Enterprises Ltd. acquired a 24.5% stake in BT Group Plc.
