The global telecom sector is witnessing a fresh wave of listing activity, with Bharti Airtel-backed Airtel Africa preparing a London listing for its mobile money business, while Reliance Industries' Jio Platforms moves closer to what could become India's largest-ever initial public offering (IPO).
According to a Financial Times report, Airtel Africa is hiring additional investment banks for the planned listing of Airtel Money, with Citigroup leading the transaction. People familiar with the matter told Financial Times that the business could be valued at around $10 billion (approximately £7.5 billion).
If completed at that valuation, the flotation would be London's largest new listing since Wise debuted with a valuation of nearly £9 billion in July 2021.
Airtel Africa had originally planned to list Airtel Money by 2025, but the offering has been delayed multiple times.
In May, the company cited market conditions as the reason for postponing the listing. According to the report, geopolitical tensions in the Middle East also influenced the timing and choice of listing venue.
The company had evaluated exchanges in the Middle East and Europe before settling on London, with its deep capital markets and international investor base emerging as key factors behind the decision.
Founded in 2010 and chaired by Sunil Bharti Mittal, Airtel Africa has grown into the continent's second-largest telecom operator.
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Its Airtel Money business serves more than 54 million customers across Africa through a vast network of agents and kiosks that enable digital payments, deposits and cash withdrawals. The business generated revenue of $1.35 billion in 2026.
The developments come just weeks after Jio Platforms filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (Sebi). The proposed IPO comprises a fresh issue of up to 27 crore equity shares, with the issue price to be determined through the book-building process.
Jio Platforms is expected to raise around $4 billion through the sale of up to 27 crore fresh shares, representing roughly 2.9% of the company's post-issue equity.
If the offering proceeds as planned, it would surpass Hyundai Motor India's Rs 27,870 crore IPO in 2024 to become the largest public issue in Indian capital markets.
Reliance Industries currently owns 66.43% of Jio Platforms, while global technology giants Meta and Google together hold 17.71% of the remaining shareholding.
The IPO is being managed by a consortium of leading investment banks, including Morgan Stanley India, BofA Securities India, Axis Capital, Goldman Sachs (India) Securities, HDFC Bank, HSBC Securities, J.P. Morgan India and SBI Capital Markets.
Reliance Jio Infocomm, the telecom arm of Jio Platforms, is the world's second-largest single-country mobile operator by subscriber base after China Mobile, making the listing one of the most closely watched IPOs globally.
With Airtel Africa targeting a $10 billion London flotation and Jio Platforms preparing a record-breaking domestic listing, two of the biggest telecom groups linked to India are simultaneously tapping public markets, underscoring investor appetite for large-scale digital infrastructure and financial technology businesses.
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