Emerging markets telecommunications tower operator IHS Towers has announced it will price its upcoming initial public offering at US$21/share, giving shareholder MTN Group’s stake an implied value of $1.79-billion (R26.3-billion).
IHS on Thursday priced the IPO, of 18 million ordinary shares being offered, at a public offering price of $21/share, MTN said in a statement to shareholders on Friday.
“The underwriters of the offering 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,” MTN said.
The ordinary shares are expected to begin trading on the New York Stock Exchange later on Thursday under the ticker symbol “IHS”.
“The closing of the offering is expected to occur on Monday, 18 October 2021, subject to satisfaction of customary closing conditions. After the IPO, MTN will hold 85 176 719 ordinary shares from IHS Towers.”
MTN shares were trading up 1% at R142.26 apiece at 10.36am on Friday. In the past 12 months, the shares have appreciated by a massive 154.4%.
IHS has about 30 000 towers in its portfolio. It operates in nine countries, most of them in Africa. It also has operations in the Middle East and Latin America. — © 2021 NewsCentral Media
