Airtel Africa’s Airtel Money could file for a London initial public offering as early as Wednesday, targeting a valuation of $8 billion to $9 billion, the Financial Times reported. The mobile money business is seeking to raise at least $800 million from investors.

London listing takes shape

The proposed offering marks a significant reduction from Airtel Money’s earlier fundraising ambitions. Reports published last week said the company was considering cutting its target from $1.5 billion to $2 billion. Airtel Africa selected the London Stock Exchange in July for the planned listing of its mobile money business.

The timeline has shifted repeatedly as market conditions have become more challenging. In May, Airtel Africa postponed the IPO to the second half of 2026, citing cost pressures linked to the U.S.-Israeli war with Iran. The company had previously planned to list Airtel Money in the first half of 2026, as market volatility prompted other companies to delay their offerings.

Investors push back

Recent reports indicate that institutional investors pushed back on Airtel Money’s proposed valuation, prompting the company to lower its fundraising target to at least $800 million. The revised floor represents a sharp retreat from the lower end of the original range and would reduce potential proceeds by about $700 million.

The scaled-back offering would give Airtel Money a smaller pool of fresh capital than initially envisioned, even as Airtel Africa continues with the planned separation. The company is seeking to unlock value from a business that has become an increasingly important part of its operations across some of Africa’s fastest-growing digital payments markets.

Airtel Money’s growing role

Airtel Africa provides mobile telecommunications, broadband and digital financial services to 183.5 million customers across 14 sub-Saharan African countries. Airtel Money is the group’s third-largest revenue segment, offering transfers, bill payments and airtime purchases through mobile devices to customers across its markets.

The London listing is intended to establish an independent market valuation for Airtel Money while generating capital to support further expansion. The reduced target, however, leaves management with a narrower financial proposition to present to investors as it seeks to demonstrate the unit’s growth potential and long-term value.