Airtel Money Mulls Smaller $800m London IPO

By Adedapo Adesanya

Airtel Money is considering raising at least $800 million from its planned initial public offering (IPO) in London, significantly below the $1.5 billion to $2 billion previously targeted, according to Bloomberg.

The mobile money business had previously been considering an IPO of that size, potentially valuing it at as much as $10 billion.

However, the publication reported that the valuation being sought in the latest offering has been lowered following feedback from investors, although the revised figure has not been disclosed.

It added that plans for the listing remain 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 UK capital would provide access to a broad international investor base with experience in emerging-market assets as well as the fintech and payments sectors.

The telecoms ​group had earlier planned to list Airtel ‌Money, its third-largest unit, ⁠in the first half of this year, but shifted to the later parts of the year, saying that rising ​energy ​costs ⁠stemming from the ongoing Middle East ⁠war would ​likely result in ​higher ⁠inflation, which would weigh on its ⁠near-term ​profit margins.

It had long signalled plans to spin off or list Airtel Money after years of rapid expansion as the mobile money sector in Africa continues to expand rapidly, driven by a young population increasingly adopting technology for financial services, making the continent a key market for fintech companies.

Airtel Money’s customer base rose 21.3 per cent to 54.1 million in the 2026 financial year, while the platform’s transaction value reached $196 billion, according to Airtel Africa.

The business had 2.4 million active agents during the year and generated $1.36 billion in revenue, representing 28.4 per cent growth in constant currency.

Operating across 14 African countries, Airtel Money offers services including money transfers, merchant payments, savings, loans and international transfers.

Airtel Africa said in its 2026 annual report that the platform’s scale, growth and distinct business model supported its suitability for a standalone listing.