Airtel Africa shares fell between 8.5% and 9.1% on Friday. The stock became the worst performer in the FTSE 100 following reports of a scaled-back listing.
The company reportedly lowered the valuation for its Airtel Money London IPO to between $8 billion and $9 billion. This represents a decrease from the previous $10 billion target.
The anticipated fundraising goal dropped to at least $800 million. This figure is significantly lower than the initial target of $1.5 billion to $2.0 billion. Management adjusted the offering size based on investor feedback.