Airtel Africa Plc is considering reducing the amount it plans to raise from the initial public offering of its mobile money business, Airtel Money, to at least $800m.
The new target would be about 47 per cent below the previously reported minimum target of $1.5bn and 60 per cent below the upper end of the $2bn range.
The proposed IPO is expected to take place on the London Stock Exchange.
According to the report, Airtel Money could file for the IPO as early as next week, with trading targeted to begin in October.
However, the size and timing of the offering are not final and could still change as the process progresses.
In April, reports emerged that Airtel Africa was considering raising between $1.5bn and $2bn through an IPO of Airtel Money. The proposed listing was also reported to potentially value the mobile money business at up to $10bn.
In July, Airtel Africa confirmed London as its preferred listing venue for Airtel Money, subject to regulatory approvals.
The company said the London market would provide access to international investors with experience in emerging markets, fintech and payments.
The potential reduction in the IPO target comes as Airtel Money continues to expand its operations.
Airtel Africa reported that Airtel Money’s revenue rose to $1.355bn in the financial year ended March 2026, up 36.3 per cent from the previous year.
The business generated $689m in underlying EBITDA, with an underlying EBITDA margin of 50.8 per cent.
Its customer base increased by 21.3 per cent to 54.1 million, while Airtel Money processed $195.9bn in transaction value during the year, representing a 43.5 per cent increase in reported currency.
The mobile money business continued to grow in the first quarter of Airtel Africa’s 2026/27 financial year.
Its customer base increased by 23.3 per cent year-on-year to 56.5 million as of June 2026, while annualised total transaction value rose 51.5 per cent to more than $245bn.
Airtel Africa has been preparing Airtel Money for a potential standalone listing by establishing dedicated infrastructure, management and governance for the business.
Airtel Africa is listed on both the London Stock Exchange and the Nigerian Exchange.
The proposed Airtel Money IPO would give investors a separate opportunity to invest in the group’s mobile money business.
The final size of the offering, valuation and number of shares to be offered will be disclosed in the IPO documentation if the listing proceeds.
