Airtel Africa Plc is considering reducing the amount it plans to raise from the initial public offering (IPO) of its mobile money business, Airtel Money, to at least $800 million, according to people familiar with the matter.
The proposed fundraising would be significantly below the $1.5 billion to $2 billion target previously reported for the planned listing on the London Stock Exchange (LSE).
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.
If the $800 million target is adopted, it would represent a reduction of about 46.7% from the lower end of Airtel Money’s previously reported fundraising range and 60% from the upper end.
The proposed offering could be formally filed as early as next week, with trading potentially beginning in October, according to the people cited by Bloomberg.
However, the size and timing of the offering remain subject to change as Airtel Africa progresses with preparations. The company declined to comment on the report.
Even at $800 million, the Airtel Money offering would rank among the larger IPOs on the London Stock Exchange in recent years.
Airtel Africa confirmed in July that London would be its preferred listing venue for Airtel Money, ending months of speculation over where the mobile-money business would be listed.
Airtel Africa Chief Executive Officer Sunil Taldar said the London market would provide access to a broad international investor base with experience in emerging-market assets, fintech and payments.
The company said the proposed listing is intended to unlock the long-term value creation potential of Airtel Money while providing the business with access to capital and a broader pool of investors.
The planned transaction also comes as the London Stock Exchange seeks to attract more major listings following a prolonged period of weak IPO activity. The exchange has introduced listing reforms as it competes with other international financial centres for new offerings.
The possibility of a lower fundraising target marks a significant shift from Airtel Africa’s earlier ambitions for the mobile-money listing.
In April, reports indicated that Airtel Africa was exploring an IPO that could raise between $1.5 billion and $2 billion and potentially value Airtel Money at as much as $10 billion.
The latest reported target of at least $800 million would therefore put the proposed fundraising substantially below those initial expectations.
Airtel Africa has not publicly confirmed the reported reduction, and the final offer size will depend on market conditions and the outcome of the listing process.
The proposed IPO reflects the growing importance of mobile money to Airtel Africa’s overall business.
For the financial year ended March 31, 2026, Airtel Africa reported $6.4 billion in revenue, compared with $4.9 billion a year earlier. Pretax profit more than doubled to $1.41 billion.
Data remained the company’s largest individual revenue growth driver, generating about $2.5 billion, while voice contributed approximately $2.3 billion.
Airtel Money generated $1.08 billion in reported revenue during the year, compared with $770 million previously, according to the figures provided in the company’s financial disclosures.
On those figures, mobile money accounted for roughly 17 per cent of Airtel Africa’s total revenue.
The business has also recorded rapid customer growth.
Airtel Money’s customer base reached 54.1 million by March 2026, representing a 21.3 per cent increase from the previous year.
The platform processed about $196 billion in transaction value during the 2025/26 financial year, highlighting the scale the business has achieved across Airtel Africa’s markets.
Airtel Africa’s disclosures also put Airtel Money’s revenue at approximately $1.355 billion on a constant-currency basis for the financial year.
