IHS Towers has announced it will price its upcoming initial public offering (IPO) on the New York Exchange at US$21 per share, and that gives shareholder MTN Group’s stake an implied value of $1.79 billion.
A statement from MTN said IHS has priced the 18 million ordinary shares being offered in the IPO at a public offering price of $21 per share.
“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 begun trading on the New York Stock Exchange 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,” the statement said.
MTN shares were trading up 1% at US$9.81 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.
Its latest financial statements for the second quarter of 2021 shows that it lifted revenue 21.2% to $402 million, in a jump largely driven by organic growth.