PRESS: Airtel Africa sinks as money unit cuts size of IPO - Bloomberg
(Alliance News) - Airtel Africa PLC unit Airtel Money is eyeing a smaller float than previously targeted, Bloomberg reported on Friday, citing people familiar with the matter.
The money transfer and payments will now raise at least USD800 million in its London float, below a previously targeted USD1.5 billion to USD2 billion range, Bloomberg says. Airtel Money is now mulling a valuation between USD8 billion and USD9 billion, lower than a previously viewed USD10 billion.
Airtel Money is roughly 78% owned by Bharti Airtel International (Netherlands) BV, which itself is part of London-listed telecommunications firm Airtel Africa. Minority investors in the company include Qatar Holdings LLC, the investment arm of Qatar's sovereign wealth fund and MasterCard Inc.
In July, Airtel Africa set London as the primary listing location for the proposed IPO of Airtel Money.
"As we enter the next phase of our growth journey, we are pleased to confirm London as our preferred listing venue for Airtel Money in 2026," it said.
Airtel Africa believes London will "provide access to a broad international investor base and support the long-term value creation potential of one of Africa's leading fintech platforms".
The company had previously expected to list the unit in the first half of this year, but in May said it expected the IPO to occur in the second half of 2026.
Airtel Africa shares slumped 9.1% to 324.20 pence each in London on Friday morning, the worst FTSE 100 performer.
By Eric Cunha, Alliance News news editor
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