Airtel Money, the mobile-money arm of Airtel Africa Plc, has formally announced plans for an initial public offering on the London Stock Exchange’s Main Market.
The notice comes days after reports that the company cut its valuation target following feedback from investors.
The offer will consist only of existing shares sold by current shareholders, so no new money goes to the company. Airtel Money expects a free float of at least 10%.
The International Finance Corporation (IFC) has signed on as cornerstone investor for up to ÂŁ67.2 million (about $90 million) of shares, according to the intention-to-float announcement. A prospectus is due in early October, with pricing expected in mid-October.
The announcement gives no valuation. Bloomberg reported on September 18 that the company now aims to raise at least $800 million at a valuation of $8 billion to $9 billion, down from earlier talk of about $10 billion and a $1.5 billion to $2 billion raise.
Airtel Africa shares fell as much as 10% in London on the report.
Strong Numbers, Some Margin Pressure
Revenue rose 36% to $1.35 billion in the year to March 2026. The EBITDA margin was about 50%, net income was $373 million, and the company has no external borrowings. Customers reached 53 million by June, and annual transaction value hit $213 billion.
MoneyCentral estimates the reported valuation range at about 20 to 23 times trailing net income. The company plans to pay out at least 80% of profit as dividends, which implies a yield of roughly 3.3% to 3.7%.
First-quarter results show some strain.
Revenue rose 38%, but net income grew only 23%, and the EBITDA margin slipped to about 48% from 52%.
Management expects the margin to fall by up to 2 more percentage points this year as the agreements between Airtel Money and its parent, Airtel Africa, are revised. Airtel Africa will keep its 77.85% stake and remain in control.
The Nigeria Angle
The listing covers 13 markets, while Airtel Africa operates in 14, and Nigeria is not among the top markets the company names. Airtel Africa’s Nigerian mobile-money business is small, contributing about $5 million of quarterly revenue from 3.4 million users.
Nigerian retail investors cannot buy in directly; Airtel Africa shareholders on the NGX however can keep or get indirect exposure through the parent’s stake, worth about $6.2 billion to $7.0 billion at the reported valuation range.
Citigroup is sole sponsor, with Barclays, Merrill Lynch International, Goldman Sachs and JPMorgan as joint global coordinators.
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