Airtel Africa Plc is considering reducing the amount it plans to raise through the proposed initial public offering (IPO) of Airtel Money to at least $800 million, potentially cutting the fundraising target by as much as 60% from the previously reported upper end of $2 billion.
The revised plan, reported by Bloomberg on September 17, 2026, could see Airtel Money pursue a London Stock Exchange listing as early as October. The company is understood to be preparing an IPO filing that could be submitted as soon as next week, although both the proposed fundraising size and timetable remain subject to change.
The new target would represent a significant shift from the $1.5 billion to $2 billion range previously associated with the transaction. Brandspur Banking News Desk reports that even at $800 million, the offering would still rank among the larger IPOs seen on the London market in recent years. Airtel Africa declined to comment on the latest development.
The potential listing follows Airtel Africa’s confirmation in July that London would be its preferred venue for the mobile-money business. Chief Executive Officer Sunil Taldar said the exchange would give Airtel Money access to international investors with experience in emerging markets, fintech and payments.
Airtel Money has become an increasingly important contributor to Airtel Africa’s financial performance. For the year ended March 31, 2026, the group generated $6.4 billion in revenue, compared with $4.9 billion a year earlier, while pretax profit more than doubled to $1.41 billion.
Mobile money generated $1.08 billion in revenue during the year, up from $770 million previously, putting the business at roughly 17% of Airtel Africa’s total revenue. Data contributed $2.5 billion, while voice generated $2.3 billion.
The mobile-money operation has also recorded strong customer growth. Its customer base reached 54.1 million by March 2026, representing a 21.3% increase from the previous year. The business processed $196 billion in transaction value during the 2025/26 financial year, while constant-currency revenue stood at $1.355 billion according to Airtel Africa’s mobile-money disclosures.
The proposed separation reflects the growing scale of Airtel Money within the wider telecommunications group. Airtel Africa has been developing dedicated infrastructure, management, governance and capital structures for the business ahead of the planned standalone listing.
The IPO was initially reported in April as potentially raising between $1.5 billion and $2 billion, with Airtel Money potentially valued at as much as $10 billion. The latest proposal, however, remains under consideration, meaning the final fundraising amount and timing could change before the transaction is formally launched.
