Telco giants eye global markets.

Airtel Africa’s $10B London listing and Jio’s record IPO signal investor appetite

The telecom industry is entering a new phase of capital market activity, with two India-linked giants preparing landmark listings in different geographies. Bharti Airtel-backed Airtel Africa is gearing up to float its mobile money arm in London, while Reliance Industries’ Jio Platforms is advancing plans for what could become India’s largest-ever initial public offering.

According to reports, Airtel Africa has engaged Citigroup and other investment banks to lead the listing of Airtel Money, valuing the business at nearly $10 billion (£7.5 billion). If successful, this would mark London’s biggest new listing since fintech firm Wise debuted in 2021 with a valuation close to £9 billion. The company had initially targeted a 2025 listing but postponed due to unfavourable market conditions and geopolitical uncertainties. After weighing options across Europe and the Middle East, London was chosen for its deep capital markets and strong international investor base.

Founded in 2010 and chaired by Sunil Bharti Mittal, Airtel Africa has become the continent’s second-largest telecom operator. Its mobile money division now serves 54 million customers across Africa, offering digital payments, deposits, and withdrawals through a vast agent network. In 2026, Airtel Money generated $1.35 billion in revenue, underscoring its growing role in Africa’s financial inclusion story.

Meanwhile, Reliance’s Jio Platforms has filed its draft red herring prospectus with India’s market regulator SEBI. The IPO will involve a fresh issue of 27 crore equity shares, expected to raise around $4 billion. This would surpass Hyundai Motor India’s ₹ 27,870-crore offering in 2024, setting a new benchmark in the Indian capital markets. Reliance currently holds a 66.43% majority stake, while global tech leaders Meta and Google together own 17.71%. The IPO is being managed by a consortium of leading banks, including Morgan Stanley, Goldman Sachs, HSBC, Axis Capital, and SBI Capital Markets.

Jio Infocom, the telecom arm of Jio Platforms, is already the world’s second-largest single-country mobile operator after China Mobile. Its listing is therefore being closely watched by global investors, given the scale of India’s digital economy and Jio’s central role in it.

Together, Airtel Africa’s London flotation and Jio’s domestic IPO highlight the rising investor appetite for digital infrastructure and fintech businesses. These moves not only reinforce the global relevance of Indian telecom groups but also signal a broader shift toward monetizing digital ecosystems in both emerging and developed markets.