Airtel Money reduces London IPO target to $800 million

Airtel Money, the mobile financial services division of Airtel Africa, is reportedly reducing its planned initial public offering (IPO) target in London to at least $800 million. This revised figure is significantly lower than the company’s previous goal of raising between $1.5 billion and $2 billion.

The adjustment follows investor feedback regarding the proposed valuation of the company. The reduction represents a decrease of approximately 47 percent from the lower end of the original target and up to 60 percent from the upper end. Despite the downsizing, the offering is expected to remain among the larger recent listings on the London Stock Exchange.

The IPO filing could occur as early as next week, with trading potentially beginning in October. This move comes as Airtel Africa manages higher operating costs and a challenging funding environment for emerging-market transactions. The London Stock Exchange is also seeking major new listings to revitalize its market following a decline in first-time offerings since 2022.