Tower firm IHS Holdings to revive listing plan
The company's advisers are resuming preparations for an IPO.
IHS Holdings, Africa’s largest operator of wireless towers, is reviving plans for an initial public offering (IPO) that could take place in 2020, according to a Bloomberg report.
The company’s advisers are resuming preparations for an IPO and are considering seeking a valuation of about $8 billion, according to sources that informed Bloomberg.
The company is weighing New York or London as listing venues, the people said. IHS scrapped plans for a US share sale in 2018 due to uncertainty around a presidential vote in Nigeria, its main market.
In September, a Nigerian court upheld President Muhammadu Buhari’s February election victory, dismissing a challenge by the main opposition candidate. IHS has made no final decision on an IPO and details of the offering could change, the people said.
A representative for the company declined to comment. A listing could allow IHS’s shareholders, which include Goldman Sachs Group, Investec Private Equity and African wireless carrier MTN Group, to reduce their stakes.
The IPO would add to growing deal activity among African tower companies, with Helios Towers selling shares earlier in October and SA’s Eaton Towers being sold to American Tower.
IHS is expanding its network of more than 23,000 towers as growing African populations demand cheaper and faster mobile connections. The company has already tapped the debt market for $1.3 billion.