Airtel Money's owners have dialed back the fundraising goals, with the London float now pitched to raise a minimum of $800 million. That is a sharp reset from April talk of a $1.5 billion to $2 billion deal. After canvassing investors, the new valuation guide is now between $8 billion and $9 billion, aligning more closely with tech peers and reduced from a previous $10 billion.
Airtel Africa's shares sank as much as 10% on Friday, hitting 321.2 pence in London. Despite the drop, the stock has barely budged in 2024, up just 0.4% through Thursday's close.
A filing could arrive as soon as next week, with the unit aiming to start trading on the London Stock Exchange in October. Even at the smaller size, the float would still rank among the meatier IPOs London has seen in recent years, a lift for a market that has faced a thin pipeline since 2022 and has responded by overhauling its listing rules. The size and timing could still move around. Airtel Africa declined to comment.
Airtel Money is a unit of Airtel Africa Plc. Mastercard Inc. and the Qatar Investment Authority hold minority stakes, per the company's website. Bharti Enterprises Ltd, controlled by Indian billionaire Sunil Mittal, holds the majority of Airtel Africa, which ranks as Africa's third-largest wireless carrier and has been pursuing an Airtel Money IPO after years of rapid expansion.
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The mobile money segment generated $1.4 billion in revenue in the year ended March 31, up 28% from the prior year. An Airtel Africa representative declined to comment.
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