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Billionaire Sunil Mittal’s Airtel Africa Plc is considering an initial public offering for its mobile money unit that could value it at more than $4 billion, according to a report by Bloomberg.
Africa’s second-biggest telecom operator has held discussions with potential advisers about listing Airtel Money as soon as this year, the people said, asking not to be identified as the information isn’t public.
The firm hasn’t decided where to list the unit, though executives are considering bourses in the United Arab Emirates, London and Europe among potential venues, they said.
Airtel Africa could ultimately decide not to proceed with an offering for the mobile money unit, the people said. Details such as timing of the potential IPO and valuation are preliminary, they said.
In 2021, TPG invested $200 million in Airtel Money at a $2.65 billion valuation and MasterCard Inc. invested $100 million. At the time, the wireless carrier said it was considering a listing for the business within four years.
Airtel Money has ramped up its offering in Nigeria — its biggest market — where the government has been promoting cashless payments. Airtel Africa is listed in London and Lagos.
Africa is home to many fast-growing fintech companies seeking to take advantage of a young population increasingly turning to technology for banking services.
Airtel Money had a transaction value of $56 billion as of the first half of 2024 and operates in 14 markets, according to its website.
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