IPO, buyback hurdles hit Airtel Africa
Kolkata: A deferral of the much-awaited initial public offering (IPO) of Airtel Africa's $4.9-billion
mobile money business
, and uncertainties around the timing of the second tranche of the company's
share buyback
plans are key concerns despite strong business resurgence of
Bharti Airtel
's Africa unit, analysts said.
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"Airtel Africa is still looking to IPO its mobile money (MoMo) business, which we value at $4.9 billion, but this is now delayed to H1, calendar 2026, which is headline negative but doesn't impact value," London-based NewStreet Research said in a note seen by ET. The IPO was earlier planned in mid-2025.
Airtel Africa has grown faster than its African peers consistently over time in the lucrative mobile money space, the reason analysts have repeatedly pitched the much awaited IPO of Airtel Africa's mobile money business as a key business growth catalyst.
NewStreet Research added that lack of commentary around when Airtel Africa would start the second tranche of its share-buyback is also a perceived "negative". Airtel's Africa arm had completed the first trance of its $100 million share buyback in late-April.
Analysts, though, said Airtel Africa had reported a solid set of
Q4FY25 earnings
numbers on the back of a continued improvement in underlying trends and lower-than-expected capex. FY25 capex at $670 million was well below the $750 million guidance due to deferral of a data centre investment, they added. The FY26 capex guidance is estimated at $750 million.
Swings to Profit
Airtel Africa reported an $80 million net profit in the March quarter - compared with a $91 million net loss in the year-ago period - while quarterly revenue rose 18 % on-year to $1.31 billion on the back of tariff adjustments in the key Nigeria market and easing of currency headwinds.
"The March quarter results indicate a positive underlying operational growth trajectory for Airtel Africa, driven by a growing customer base and increasing data customers penetration," Macquarie said in a research note.
Airtel Africa's leadership, though, expects the full impact of recent tariff hikes taken in Nigeria to come through only in the June quarter.
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