Airtel Money sets London IPO for H2 2026
Airtel Africa will list its fast-growing mobile money unit on the London Stock Exchange in late 2026, providing a critical test of the UK capital's recovering appetite for new listings.
Airtel Africa has selected the London Stock Exchange for the initial public offering of its mobile money business, targeting the second half of 2026. The flotation revives a plan postponed in May due to market volatility and rising energy costs linked to the Iran conflict.
The listing will test whether London's equity capital markets can sustain a tentative recovery. Seven IPOs raised £577m on the exchange's Main Market and AIM in the first half of 2026, more than triple the £183m raised in the same period a year earlier, according to EY.
Airtel Africa has not confirmed valuation targets or the size of the share sale, though media estimates peg Airtel Money at roughly $10bn, potentially raising between $1.5bn and $2bn. The parent company, majority-owned by India's Bharti Airtel, will retain a controlling interest post-listing. This structure would give investors direct exposure to a leading African fintech platform while allowing the group to monetise the asset.
The unit's recent financial performance underscores the growth trajectory driving the separate listing. In the quarter ending June 30, Airtel Money's revenue surged 38.9% year-on-year to $404m, while EBITDA grew 29.3% to $198m.
User engagement is expanding alongside its 56.5 million customer base, which grew 23.3% annually. The platform processed an annualized $245bn in transactions, up 51.5%, driven by the expansion of merchant payments, transfers and lending.
East Africa remains the core market, generating $297m in quarterly revenue from 41.7 million users. Francophone Africa added 11.4 million customers and $102m in revenue, while the newer Nigerian operation contributed 3.4 million users and $5m. Monthly transaction values per customer rose 13% to $371 across the network.
“We believe a London listing will provide access to a broad international investor base and support our ambition to unlock the long-term value of one of Africa’s leading fintech platforms,” chief executive Sunil Taldar said. The company first listed in London and Lagos in 2019.
Despite the renewed optimism, the telecommunications group has warned that elevated energy expenses could continue to pressure near-term earnings margins. The company operates across 14 African countries, where its broader first-quarter revenue jumped 31% year-on-year.
