Telecom tower firm IHS plans $540 mn IPO

IHS Holding, a leading telecom tower company, is planning to raise up to $540 million in a U.S. initial public offering (IPO) that could value it at about $8 billion.
The London-based telecom tower company plans to sell 18 million ordinary shares in the IPO, priced between $21 and $24 per share, while its existing investors are offering 4.5 million shares. MTN, a leading mobile operator in Africa, holds 29 percent of IHS Towers’ common equity as at 30 June 2021.

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

IHS Holding posted a profit of $77 million for the six months ended June 30, compared with a loss of $353 million a year earlier. Its revenue grew 15 percent during the same period.

Goldman Sachs, J.P. Morgan and Citigroup are the lead underwriters for IHS IPO. It will list on the New York Stock Exchange under the symbol IHS.