Story
Airtel Money Reportedly Nearing London IPO Filing with $8-$9 Billion Valuation Target
Summary
Airtel Money, the mobile payments arm of Airtel Africa, is expected to file for a London Stock Exchange listing as early as this week, targeting a valuation of up to $9 billion, according to a Financial Times report.
Airtel Money, the mobile money business of Airtel Africa (LON:AAF), is expected to file for an initial public offering in London as early as Wednesday, according to a report from the Financial Times.
The company is reportedly targeting a valuation between $8 billion and $9 billion in the public listing.
Fundraising Goals
According to the FT, which cited two people familiar with the plans, Airtel Money aims to raise at least $800 million from the offering. This represents a potential reduction in the size of the IPO.
Last week, Bloomberg News reported that the company's owners were considering scaling back the offering from a previously targeted range of $1.5 billion to $2 billion. The reasons for the potential adjustment were not specified.
AdBackground and Context
Airtel Africa officially selected the London Stock Exchange for the listing of its fast-growing mobile money unit in July. The move follows an earlier delay announced in May, which pushed the planned IPO from the first half of the year into the second.
The source material attributed the May delay to cost-related pressures stemming from geopolitical events. Airtel Africa did not immediately respond to a request for comment outside of regular business hours, the source noted.
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