Airtel Money is scaling back the size of its planned London initial public offering, with the African mobile money business now seeking to raise at least $800 million after feedback from potential investors.
- Airtel Money is targeting at least $800 million from a London IPO.
- The new target is below its earlier $1.5 billion–$2 billion plan.
- Investor feedback has also lowered the valuation being sought.
- The listing would give investors direct exposure to Airtel Money’s African fintech business.
The offering could begin as early as next week, according to Bloomberg, citing people familiar with the plans.
The revised fundraising target is substantially below the $1.5 billion to $2 billion Airtel Money had previously considered raising.
Bloomberg had reported in April that the company was exploring an IPO of that size, potentially valuing the mobile money business at as much as $10 billion.
The valuation being sought in the latest offering has also been reduced following investor feedback, although the new figure has not been disclosed. Plans are still subject to change.
Airtel Africa has selected London as its preferred venue for the listing, subject to regulatory approvals, and has previously said it intended to complete an Airtel Money IPO in the second half of 2026.
The listing would separate one of Africa’s biggest mobile money businesses from Airtel Africa’s wider telecommunications operations and give investors direct exposure to its fast-growing financial services unit.
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A fast-growing African fintech business
Airtel Money has expanded rapidly across Airtel Africa’s markets as mobile money becomes an increasingly important part of financial services across the continent.
The business had 54.1 million customers at the end of its 2026 financial year, up 21.3% from a year earlier, according to Airtel Africa.
Its network had grown to 2.4 million active agents, while the value of transactions processed through the platform reached $196 billion during the year.
Airtel Money generated $1.36 billion in revenue, representing growth of 28.4% in constant currency.
The platform operates across 14 African countries and provides services including money transfers, merchant payments, savings, loans and international transfers.
Airtel Africa said in its 2026 annual report that Airtel Money’s scale, growth and distinct business model made it suitable for a standalone listing.
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IPO ambitions come down
The latest plans represent a significant reduction from the fundraising ambitions reported earlier this year.
In April, Bloomberg reported that Airtel Money could seek between $1.5 billion and $2 billion in a London listing, with a valuation of as much as $10 billion.
At that size, the offering would have ranked among Europe’s biggest recent IPOs.
The company subsequently confirmed London as its preferred listing venue, saying the market would provide access to a broad international investor base.
The decision to seek at least $800 million shows how those plans are being adjusted as the company moves closer to formally launching the offering. Airtel Africa has not announced a final offer size or valuation.
