Airtel Money targets London IPO at $8–9 billion valuation

Airtel Money, the mobile money arm of Airtel Africa, plans to file for a London listing, aiming to raise at least $800 million at an $8–9 billion valuation via a secondary offering. Final pricing is expected in mid-October. Quarterly revenue rose 38% to $399 million, with 53 million monthly active users.

• Valuation cut from $10 billion to $8–9 billion, raise of at least $800 million
• Secondary offering means proceeds go to selling shareholders, not the company
• Quarterly revenue up 38% to $399 million, 53 million monthly active users
• Free float of at least 10% expected; price range due in early October