Airtel Money plans to cut IPO target by up to 60%, targets $800 million

Airtel Africa Plc is considering cutting the amount it plans to raise from the initial public offering (IPO) of its mobile money business, Airtel Money, by as much as 60% to at least $800 million, according to people familiar with the matter.

Bloomberg reported the development on Thursday, September 17, 2026, citing people familiar with the matter who asked not to be identified because the information is private.

The proposed IPO, which is expected to take place on the London Stock Exchange (LSE), could now raise at least $800 million, significantly below the previously reported target of between $1.5 billion and $2 billion.

The revised target represents a reduction of about 46.7% from the lower end of the previous $1.5 billion target and 60% from the upper end of the $2 billion range.

What they are saying

The filing for the Airtel Money IPO could come as early as next week, with the business targeting an October start for trading on the London Stock Exchange, according to the people cited by Bloomberg.

• However, the proposed fundraising amount and timing are not final and could still change as the offering process progresses. Airtel Africa declined to comment on the development.
• Even at the reduced fundraising size, the offering would rank among the larger IPOs on the London Stock Exchange in recent years.

The proposed listing comes as London continues to seek more major new listings after a prolonged decline in first-time offerings since 2022. The weakness in new listings has prompted reforms to the exchange’s listing rules as it competes with other international financial centres for major IPOs.

Get up to speed

On April 28, Nairametrics reported that Airtel Africa was exploring an IPO of its mobile money business that could raise between $1.5 billion and $2 billion.

• At the time, Bloomberg reported that the listing could value Airtel Money at as much as $10 billion, potentially placing it among the largest IPOs on a European exchange in recent years.
• In July, Airtel Africa confirmed that London would be its preferred listing venue for Airtel Money, ending months of uncertainty over where the business would be listed.
• The announcement was made on July 23 by Airtel Africa Chief Executive Officer, Sunil Taldar, alongside the company’s results for the quarter ended June 30, 2026.

Taldar said London would provide access to a broad international investor base with experience in emerging-market assets as well as the fintech and payments sectors. Airtel Africa said the listing was intended to support the long-term value creation potential of Airtel Money.

Airtel Africa is Africa’s third-largest wireless carrier and is largely controlled by Indian billionaire Sunil Mittal’s Bharti group.

What you should know

Airtel Africa’s financial performance shows why its mobile-money business has become an increasingly important part of the group.

• For the financial year ended March 31, 2026, the company recorded $6.4 billion in revenue, up from $4.9 billion a year earlier, while pretax profit more than doubled to $1.41 billion.
• Data remained the largest individual growth engine, generating $2.5 billion in revenue, while voice contributed $2.3 billion. But mobile money has also grown into a significant revenue stream, generating $1.08 billion during the year, up from $770 million previously.
• The mobile-money business therefore accounted for about 17% of Airtel Africa’s total revenue, compared with roughly 39% for data and 36% for voice.

Its growth has also outpaced several traditional telecom services. Airtel Money’s revenue increased by about 40% year-on-year based on the figures provided, while the business expanded its customer base to 54.1 million by March 2026, up 21.3% from the previous year.

The business processed $196 billion in transaction value during the 2025/26 financial year, while its revenue reached $1.355 billion on a constant-currency basis, according to Airtel Africa’s mobile-money disclosures.

This growth is increasingly separating Airtel Money’s financial trajectory from Airtel Africa’s core connectivity business. The company has been building the mobile-money operation through dedicated infrastructure, management, governance and capital structures ahead of the planned standalone listing.