Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

Business of Tech

MTN stake in IHS Towers priced at $1.79B in listing

Article Image
MTN's stake in IHS Towers could be worth US$1.79 billion when the tower company lists on the New York Stock Exchange today.

IHS confirmed it would price its initial public offering (IPO) of 18 million ordinary shares at $21 per share.

The company is one of the largest independent owners, operators and developers of shared telecommunications infrastructure in the world. IHS Towers operates over 30,200 towers across five countries in Africa, three countries in Latin America and one in the Middle East.

After the IPO, pan-African operator MTN will hold 85,176,719 ordinary shares from IHS Towers, which at $21 per share works out to $1.79 billion, slightly lower than the $2 billion MTN valued its 29% stake at in June.

The ordinary shares are expected to begin trading on the New York Stock Exchange on Thursday October 14, 2021 under the ticker symbol "IHS." The closing of the offering is expected on Monday October 18, 2021.

The underwriters will also have a 30-day option to purchase up to an additional 2.7 million ordinary shares from IHS Towers at the IPO price, less the underwriting discount.

Back in 2018, IHS Towers postponed its original IPO which could have valued the company at as much as $10 billion.

For the six months ended June 30, 2021, IHS reported profit of $77 million, compared to a loss of $353 million a year before. For the half year revenue increased 15% year-on-year to $764 million.

Related posts:

*Top image source: Business photo created by aopsan - www.freepik.com.

Paula Gilbert, Editor, Connecting Africa

Innovation hub

Story

Hot startup of the month: South Africa's Botlhale AI

Connecting Africa's hot startup this month is South Africa's Botlhale AI, which creates conversational AI tools for African languages while helping businesses engage customers in languages they understand and trust.

Story

SA's Teraco to power data centers with 120MW solar plant

Teraco, the vendor-neutral data center provider, is planning the construction of a 120 megawatt (MW) utility-scale solar photovoltaic (PV) energy facility in the Free State province of South Africa.

More Innovation hub

Latest video

More videos

Upcoming events

Africa Tech Festival 2024
November 11-14, 2024
Cape Town, South Africa
More Upcoming events

Sponsored video

More videos

Industry announcements

More Industry announcements

Africa Tech Perspectives

Story

Uber's Marjorie Saint-Lot on inclusion and sustainability in Africa

Uber's Country Manager for Ghana and Cote d'Ivoire, Marjorie Saint-Lot, shares how the ride-hailing company is approaching public-private partnerships, environmentally friendly initiatives and gender inclusion in Africa.

Story

The 100 most influential African leaders in 2023

A new report from Africa Tech Festival and Connecting Africa puts a spotlight on the top 100 African leaders in the telecoms and technology sector in 2023.

Story

Deep dive into East Africa's tech startup ecosystem

New survey reveals a lack of access to investors, reliance on international VCs and global recession trends as the biggest barriers for East African tech startups to access funds.

More Africa Tech perspectives

Partner perspectives

All Partner Perspectives

Guest Perspectives

Story

Omdia View: January 2024

By Omdia Analysts

Highlights in January 2024 in the Middle East and Africa included a $200 million fintech deal between MTN and Mastercard as well as 5G network trials by Telecom Egypt – that and more in this month's Omdia View.

Story

Omdia View: September 2023

By Omdia Analysts

Highlights in September 2023 in the Middle East and Africa included more 5G spectrum licenses, vendor and operator strategies, and partnerships – that and more in this month's Omdia View.

More Guest Perspectives

Like us on Facebook

Newsletter Sign Up


Sign Up
Tag id test-002