Indian billionaire Sunil Bharti Mittal’s final corporate move sets up $2B Airtel Money IPO

Indian billionaire Sunil Bharti Mittal is preparing what may be his final major corporate move at the helm of Airtel Africa Plc, as he advances plans that could reshape the company’s operations through a potential initial public offering of Airtel Money, its mobile payments arm, which could raise between $1.5 billion and $2 billion, according to people familiar with the matter.

Airtel Money could reach $10 billion valuation 

The proposed listing would mark a significant step in Airtel Africa’s effort to unlock value from its fintech operations as digital payments gain adoption across African markets. The London Stock Exchange is the leading option, although earlier discussions included UAE and European exchanges, reflecting a strategy to widen access to international investors. 

If completed, the transaction could value Airtel Money at as much as $10 billion, highlighting growing investor appetite for mobile-based financial services in Africa. The unit has expanded alongside increased smartphone adoption and a shift toward cashless transactions, particularly in urban centers across the continent.

Advisers working on the potential listing include Citigroup Inc., with additional banks expected to join as preparations continue. Company officials have previously pointed to a mid-2026 timeframe, though both structure and timing remain subject to change as discussions progress.

Airtel Money scales across African markets 

Airtel Money already counts several global investors among its backers, including Mastercard Inc., an affiliate of the Qatar Investment Authority, and TPG Inc. Over a recent nine-month period, the business generated $986 million in revenue, a 29.4 percent increase from a year earlier, and crossed 52 million customers for the first time, according to company disclosures.

The broader Airtel Africa business operates in 14 countries and is listed in both London and Lagos. For the nine months ending December 2025, the company reported revenue of $4.67 billion, up 28.3 percent, while profit after tax climbed to $586 million, more than double the prior-year figure. Growth was driven mainly by rising data consumption and stronger activity in mobile money services.

Mittal to step down 2026 AGM 

Leadership transition plans are also in focus. Mittal, founder of Bharti Airtel Ltd., is expected to step down as chairman at the 2026 annual general meeting after guiding the group since its 2019 listing. He is set to be succeeded by Gopal Vittal, currently executive vice chairman of Bharti Airtel and a non-executive director at Airtel Africa since 2024.

Mittal, founder of Bharti Airtel Ltd., has a net worth estimated at $24.5 billion, according to the Bloomberg Billionaires Index. His wider business interests include telecommunications assets and satellite venture OneWeb, reflecting a long-standing focus on connectivity infrastructure across emerging markets.