Airtel's $4B Fintech IPO Set to Shock the Market

Airtel Africa (AARTY) is revving up a long-anticipated spinout of its mobile money arm, with Citigroup now advising the company on a potential IPO that could value the business at more than $4 billion, according to sources familiar with the matter. Investor meetings are already underway this week in Dubaia region that could become home turf for the listing, alongside London or other European venues still under consideration. The company hasn't finalized details on the timing or size of the offering, but a spokesperson reiterated its goal: take Airtel Money public in the first half of 2026.

Momentum has been building since 2021, when TPG invested $200 million into the business at a $2.65 billion valuation, followed by Mastercard's $100 million commitment and a later stake from a Qatar sovereign fund affiliate. As of June, Airtel Money had 45.8 million customers and was handling $162 billion in annualized transaction valuemaking it one of the fastest-growing fintech platforms across Africa's digitally hungry, mobile-first markets. Investors see the unit as a breakout asset within Airtel Africa's broader 14-country footprint, and a compelling hedge against cyclicality in telecom revenues.

For billionaire Sunil Mittal, who controls the company through his wider Bharti empire, the IPO could mark a pivotal monetization moment. Alongside Bharti Airtel and UK-based satellite firm OneWeb, his group also holds a 24.5% stake in BT Group. That mix of telecom, fintech, and infrastructure is giving investors a roadmap to what a post-IPO Airtel Money might look like: a capital-light, high-velocity transaction engine in a continent with some of the highest unbanked populations globally. No surprise then that Citi is leading the chargeand that investors in Dubai are taking the early meetings.