Airtel Money, the mobile payments unit of Airtel Africa Plc, is moving forward with its initial public offering (IPO) on the London Stock Exchange, with plans to raise at least $800 million. This target is significantly lower than the previously sought range of $1.5 billion to $2 billion. The company aims for a valuation between $8 billion and $9 billion, also a decrease from an earlier figure of up to $10 billion.
The decision to trim the IPO size and valuation comes after feedback from investors during early discussions. The mobile money service company had initially delayed the listing to the second half of 2026, partly due to cost pressures related to geopolitical events. The IPO is expected to be one of London's larger debuts in recent years, despite the city's challenging IPO market, which has seen fewer new listings and lower funds raised compared to the previous year.
The London listing is intended to separate the mobile money business from Airtel Africa's telecom operations, offering investors direct exposure to one of Africa's largest fintech platforms. Airtel Money reported annual revenue of $1.36 billion from over 56 million customers and processed $196 billion in transactions over its last financial year. Airtel Africa, which owns about 78 percent of the business, saw its shares fall by as much as 10% on the news of the repriced deal, suggesting market concerns about investor appetite.
