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Nigeria-based tower operator IHS Towers has announced the commencement of its initial public offering (IPO) of 22.5 million ordinary shares on the New York Stock Exchange (NYSE).
The IPO price is estimated to be between $21 and $24 per share, ITWeb reported. This follows a September report by Billionaires.Africa as per the company’s planned move to list on the NYSE after it called off an earlier plan to list on the exchange in 2018.
The company and its shareholders will split the listed 22.5 million ordinary shares.
The IPO will reserve 18 million shares for IHS Towers, while 4.5 million will be offered to certain selling shareholders.
Additionally, the underwriters of the offering will have a 30-day option to purchase up to an additional 2.7 million ordinary shares from IHS Towers and 675,000 ordinary shares from the selling shareholders at the initial public offering price.
Africa’s largest telecom company, MTN Group, one of the biggest investors on the Nigerian market, has also notified its shareholders of the listing. MTN Group owns a 29-percent stake in IHS Towers, which was valued at $2.o6 billion as of June 2021.
IHS Towers
IHS Towers is one of the world’s largest independent owners, operators and developers of shared telecom infrastructure. It is the largest telecom infrastructure provider in Africa, Europe, Latin America and the Middle East by tower count, and the third-largest independent multinational tower company internationally.
Issam “Sam” Darwish, an experienced U.S. entrepreneur in the telecom industry, founded the company in 2001 in Lagos State, Nigeria.
