Airtel Shares Could See 27% Upside with Airtel Money IPO: CLSA

Bharti Airtel, the second-largest telecom operator in India, has seen tremendous growth in share price over the last five years. The telco’s business has multiplied with more high-paying customers and an improving average revenue per user (ARPU). Bharti Airtel has subsidiaries in the global market, including Africa. One of its subsidiaries, Airtel Money, operates in Africa, and has been focused on bringing digital banking experience throughout the continent. Airtel has a strong experience in building distribution for money services, and also keeping people’s money secure with Airtel Payments Bank in India.

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Key Highlights

  • Bharti Airtel subsidiary Airtel Money is reportedly planning an IPO in the second half of 2026.
  • The IPO could raise between $1.5 billion and $2 billion at a valuation of up to $10 billion.
  • Airtel Money's customer base grew 21% year-on-year to 54 million users across Africa.
  • Brokerage firm CLSA expects the IPO to unlock significant value for Bharti Airtel shareholders.
  • CLSA has maintained an "Outperform" rating on Airtel and set a target price of Rs 2,310 per share.

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Airtel Money operates primarily in African countries. The subsidiary of Airtel is now looking to IPO (Initial Public Offering) in the seccond half of 2026. This is a huge development, and with this IPO, Airtel shares can see a huge upside. The company could see a $1.5 to $2 billion fundraise through the IPO at a valuation of up to $10 billion.

Airtel is looking to list the company in London most likely. CLSA said that basis this development, it expects to see a 27% upside on Airtel’s share price. Airtel Money’s customer base expanded 21% YoY to 54 million users. The EBITDA margin also stood at 50.8%, above Airtel Africa’s overall margin of 49.3%.