Nigeria-based tower operator IHS Towers is making a move to list on the New York Stock Exchange (NYSE), Independent Online reported. The company called off an initial plan to list on the U.S. exchange in 2018.
IHS is one of the largest telecom infrastructure providers in Africa, Europe, Latin America and the Middle East by tower count and the third largest independent multinational tower company globally.
The Nigeria-based company was founded in Lagos by Issam “Sam” Darwish, a U.S. entrepreneur with more than 20 years of experience in the telecom industry.
Africa’s largest telecom company MTN Group is one of the biggest investors on the Nigerian market. It owns a 29-percent stake in IHS Towers, valued at $2.o6 billion as of June 2021.
In a statement, MTN noted that “the timing, number of shares to be offered and price range of the proposed offering have not yet been determined.” However, it added that “the launch of the offering is subject to the necessary regulatory approvals, governance approvals and conducive market conditions.”
MTN mentioned that the telecom infrastructure giant has filed papers with the U.S. Securities and Exchange Commission relating to a potential IPO on the NYSE.
