IHS Holding, Africa's largest independent telecom towers operator, announced terms for its IPO on Monday.
The London, United Kingdom-based company plans to raise $506 million by offering 22.5 million shares (20% secondary) at a price range of $21 to $24. At the midpoint of the proposed range, IHS Holding would command a fully diluted market value of $7.6 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.
IHS Holding 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. Goldman Sachs, J.P. Morgan, Citi, RBC Capital Markets, Barclays, and Absa Group are the joint bookrunners on the deal. It is expected to price during the week of October 11, 2021.
