Airtel Money plans to seek at least $800 million through an initial public offering in London, sharply below its earlier target of between $1.5 billion and $2 billion after feedback from potential investors.
The mobile money arm of Bharti Airtel announced its intention to file for the offering on Wednesday, September 23, 2026. It is targeting a valuation of $8 billion to $9 billion in the planned London initial public offering.
Airtel Africa has selected the London Stock Exchange as its preferred venue for the listing, subject to regulatory approvals. The process could begin as soon as next week.
The company originally aimed to list in the first half of 2026. In May, it delayed the timetable to the second half of 2026, citing unfavourable market conditions linked to the U.S.-Israeli war against Iran.
The proposed IPO will consist of a secondary sale of existing shares by existing shareholders. The company has yet to identify the sellers or state the number of shares that will be offered.
Airtel Money said it would provide further details, including an indicative price range and the number of shares for sale, in early October. Those details, including the indicative price and size range, are expected in a prospectus to be published in early October 2026.
The final offer price is expected to be announced in mid-October 2026. The final size of the offering remains unknown.
The International Finance Corporation has entered into a cornerstone investment agreement with Airtel Money and certain existing shareholders. The International Finance Corporation plans to buy up to approximately USD 90 million of offer shares at the final offer price.
The smaller fundraising target marks a retreat from Airtel Money's earlier plans. The company has not disclosed why it selected the $800 million minimum, nor has it provided the detailed terms of the International Finance Corporation's investment beyond the cornerstone agreement.
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