Africa tower operator IHS eyes R120-billion valuation in New York listing

IHS Holding, an operator of telecommunications infrastructure such as mobile phone towers, is looking to raise up to US$540-million in a US initial public offering that could value it at about $8-billion (R120-billion), a regulatory filing showed on Monday.

The London-based company plans to sell 18 million ordinary shares in the IPO, priced between $21 and $24/share, while its existing investors are offering 4.5 million shares.

IHS Holding, whose infrastructure helps facilitate mobile communication coverage, operated more than 30 000 towers across Africa, Middle East and Latin America as of 30 June, the filing showed.

It posted a profit of $77-million for the six months ended 30 June, compared to a loss of $353-million a year earlier, according to the filing. Its revenue grew 15% during the same period.

Goldman Sachs, JP Morgan and Citigroup are the lead underwriters for IHS’s IPO. It will list on the New York Stock Exchange under the symbol “IHS”.  — Reported by Sohini Podder, (c) 2021 Reuters