Airtel Africa will delay the planned Initial Public Offering (IPO) of its mobile money business, Airtel Money, to the second half of 2026, citing market uncertainties amid the ongoing Middle East war.
The telecoms group had earlier planned to list Airtel Money in the first half of this year, but said that rising energy costs stemming from the war would likely result in higher inflation, which would weigh on its near-term profit margins.
The company controlled by billionaire Sunil Mittal’s Bharti Enterprises Limited could now raise between $1.5 billion and $2 billion selling shares in London, from a previously expected $4 billion.
London emerged as the most likely venue, although exchanges in the United Arab Emirates (UAE) and other parts of Europe have also been considered.
The delay will make it possible to finalise decisions on timing, valuation, and location.
The planned IPO reflects a broader strategy by Airtel Africa to unlock value from its mobile money unit, which has become a key growth driver as traditional telecom revenues face pressure.
Airtel Africa, which operates in 14 countries and is dual-listed in London and Lagos, is majority-owned by Indian billionaire Sunil Mittal through Bharti Enterprises.
The group has long signalled plans to spin off or list Airtel Money after years of rapid expansion as the mobile money sector in Africa continues to expand rapidly, driven by a young population increasingly adopting technology for financial services, making the continent a key market for fintech companies.
In September 2025, the telco reportedly picked Citigroup Incorporated as advisors for the planned IPO, which will see Airtel Money become a standalone entity before it can attain the prestige of trading on a stock exchange.
Estimating Airtel Money at around $2 billion is lower than its valuation of $2.65 billion in 2021. In 2021, Airtel Money received significant investments, including $200 million from TPG Incorporated at a valuation of $2.65 billion and $100 million from Mastercard. Later that same year, an affiliate of Qatar’s sovereign wealth fund also acquired an undisclosed stake in the unit.
Its customer base is over 52 million, compared to around 44.6 million users it had as of June 2025.