Airtel Money has confirmed its intention to float in London, pressing ahead with one of the year's larger listings after trimming the deal's size in the face of investor caution.
The mobile money arm of FTSE 100 telecoms group Airtel Africa said it would seek admission to the London Stock Exchange's main market, in a secondary offering of existing shares.
No new money will be raised, with existing holders selling down.
Airtel Africa, which owns about 78% of the business, said it would remain a long-term strategic shareholder.
The formal announcement follows a bruising week for the parent.
Airtel Money is now expected to raise at least $800 million, well below a previously targeted range of $1.5 billion to $2 billion, with a valuation of $8 billion to $9 billion rather than the $10 billion once mooted.
The offering was cut back after feedback from investors, according to Bloomberg.
News of the scaled-down ambitions knocked the parent's shares last week, with Airtel Africa falling more than 9%.
Even at the reduced size, the deal would rank among the larger London listings in recent years, offering some cheer to a market that has struggled to attract flotations.
Airtel Money operates across 14 sub-Saharan African markets and competes with rivals including M-Pesa and MTN MoMo.
It processed more than $245 billion in annualised transactions in its latest quarter, with 56.5 million customers.
Trading is targeted to begin in October.
