Airtel Money is preparing to slash the target for its planned London stock market debut to at least $800 million after institutional investors pushed back on its proposed valuation, according to people familiar with the matter.

The move marks a sharp retreat from the company’s earlier goal of raising between $1.5 billion and $2 billion. If completed at the revised floor, the sale would bring in roughly 47 percent less capital than the lower end of its original forecast, taking at least $700 million off the table.

Deal advisers could launch the share sale as early as next week, though the final size, timing and pricing remain subject to market appetite.

Rising costs squeeze global market debuts

The downsized target highlights the broader chill facing large emerging-market listings in London, where fund managers have grown cautious about paying premium multiples.

Airtel Africa Plc, the London-listed parent company backed by Indian billionaire Sunil Bharti Mittal’s Bharti Airtel, had initially delayed the spin-off in May to the second half of 2026.

At the time, management pointed to rising operating expenses and market jitters tied to the military conflict involving the U.S., Israel and Iran. The regional fighting has rattled crude supplies, driven up energy and freight costs across developing economies, and forced international businesses to scale back their public offerings.

Airtel Money London IPO valuation test

Despite headwinds, Airtel Africa is moving ahead with the carve-out to monetize its fastest-growing operational unit. The parent group provides mobile phone, broadband and digital wallet services to 183.5 million subscribers across 14 sub-Saharan African nations.

Within that portfolio, Airtel Money ranks as the third-largest business line, allowing millions of unbanked and retail users to transfer funds, pay utility bills and purchase airtime directly from basic mobile handsets.

A standalone listing on the London Stock Exchange was designed to give the fintech division an independent market valuation and raise cash for further network expansion. Now, executives face the challenge of selling that growth story to skeptical fund managers on far tighter terms.