Africa-focused infrastructure company Helios Towers plotted a fresh attempt at an initial public offering on the London Stock Exchange (LSE), after pulling the plug on a previous move 18 months ago.
In an announcement, the company said it expects to raise $125 million by issuing new shares along with the sale of shares from existing holders including operator groups Millicom and Bharti Airtel, as well as International Finance Corporation among others.
Helios Towers said it is planning a free-float of at least 25 per cent of the company and will use the funds to “take advantage of future opportunities in line with the company’s growth strategy, either in current markets or new geographies”.
As part of the listing, Helios Towers will establish a London-based holding company chaired by Samuel Jonah, a Ghanian businessman.
The company currently operates across five countries in sub-Saharan Africa: Tanzania; the Democratic Republic of Congo; the Republic of the Congo; Ghana; and South Africa.
Its previous attempt to float was expected to value the business at £2 billion ($2.5 billion). Helios Towers said at the time the plan had generated considerable institutional investor interest, but shareholders had decided not to proceed.
Helios Towers, which is incorporated in Mauritius, was founded in 2009 and today operates around 7,000 towers in the five African countries. It leases towers to Airtel, MTN, Orange, Tigo and Vodacom.Subscribe to our daily newsletter Back