IHS Holding, the largest independent multinational emerging-market-only tower operator, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $1.5 billion.
IHS is one of the largest independent owners, operators, and developers of shared telecommunications infrastructure in the world. It is also the largest independent multinational emerging-market-only tower operator and one of the largest independent multinational tower operators globally, by tower count. The company provides its customers, most of whom are mobile network operators (MNOs), with critical infrastructure that facilitates mobile communications coverage and connectivity for 596 million people in emerging markets, across three regions and nine countries. As of June 30, 2021, IHS operated 30,207 Towers across five countries in Africa, three countries in Latin America, and one country in the Middle East. It is the largest tower operator in six of the nine markets in which it operates, and it is the only independent tower operator of scale in five of these markets.
The London, United Kingdom-based company was founded in 2001 and booked $1.5 billion in revenue for the 12 months ended June 30, 2021. It plans to list on the NYSE under the symbol IHS. IHS Holding filed confidentially on January 27, 2020. Goldman Sachs, J.P. Morgan, Citi, RBC Capital Markets, Barclays, and Absa Group are the joint bookrunners on the deal. No pricing terms were disclosed.
