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(Sharecast News) - Airtel Money's owners are reportedly considering raising less money than previously sought in the company's initial public offering.
According to Bloomberg, which cited people familiar with the matter, the money transfer and payments company's IPO is now expected to raise at least $800m, down from a previously targeted size of $1.5bn to $2bn as reported by Bloomberg in April.
Sources said that Airtel Money is now considering a valuation of $8bn to $9bn to align with technology stock valuations, lower than the $10bn sought previously. The firm's valuation in the offering was reduced following feedback from investors, according to Bloomberg.
Airtel Money is part of Airtel Africa, with Qatar Holdings and Mastercard among the minority investors.
At 1130 BST, Airtel Africa shares were down 9.5% at 322.80p.
Sources told Bloomberg the filing could come early next week, and the unit is looking to start trading on the LSE in October. Details of the offering, including the deal size and timing, could still change.
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