Airtel Money was considering reducing the amount sought in a planned London initial public offering, according to separate media reports. Reuters, citing Bloomberg, reported a target of at least $800 million, below an earlier range of $1.5 billion to $2 billion. The Times also reported on 18 September that the float was being scaled back. The offering had not launched when the reports were published.
Both reports pointed to a smaller fundraising than previously planned.
PLANS REMAIN SUBJECT TO CHANGE
The potential reduction was reported as under consideration rather than decided. Bloomberg said details of the offering, including deal size and timing, could still change. No final price range, timetable or allocation had been announced.
Airtel Money is the mobile-money business of Airtel Africa, operating across multiple African markets.
MARKET REACTION FOLLOWED THE REPORTS
Airtel Africa shares fell more than 9% on 18 September after reports of a possible smaller offering.
According to Bloomberg’s sources, the listing process could start as soon as the following week, with trading on the London Stock Exchange expected in October.