Friday, October 22, 2021

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    Africa’s biggest mobile tower operator plans New York IPO

    Telecom update

    IHS Towers, Africa’s largest operator of mobile phone towers, has been listed on the New York Stock Exchange.

    According to the company, the company submitted a document to the US Securities and Exchange Commission on Thursday regarding the possibility of listing. South African MTNOwns a 29% stake in IHS and is Africa’s largest mobile operator by subscribers.

    “The timing, the number of shares offered, and the price range of the proposed offer have not yet been determined,” MTN said.

    IHS, which operates more than 30,000 towers in five African countries and other markets in South America and the Middle East, declined to comment.

    French private equity investors Goldman Sachs and Wendell also own shares in the company.

    The list of IHS, the fourth largest independent tower operator in the world, could be the largest African IPO in the US capital markets. At the end of June, MTN valued its stake at just over $ 30 billion ($ 2 billion).

    As the Telecom Group has recently invested in these assets and refocused on its business, the offering will also leverage investor demand for investment in masts and infrastructure.

    The deployment of phone masts is also important for the fast-growing African mobile market, especially in rural areas.

    MTN has highlighted the sale of billions of dollars in planned assets by listing IHS to reduce debt. We are also working on another plan to sell and lease back about 5,700 towers in South Africa, aiming to list our mobile money business.

    The IHS has indicated that it is considering listing in the United States in August last year after being reported to have discontinued its previous IPO attempt in 2018. “We have made good progress to realize the value of our investment in IHS in the short term,” MTN said last month. .. .. Currently, demand for infrastructure assets remains strong and the US stock market situation is favorable for listing. “

    In the six months to the end of June, IHS reported interest, taxes, depreciation, and pre-amortization adjusted earnings of $ 490 million. It is dominated by Nigeria, the company’s main market, which is also MTN’s largest subscriber base.

    Group debt is approximately twice the adjusted EBITDA over the past year. IHS has expanded beyond Africa, with the acquisition of a series of towers in Brazil and Colombia this year.

    Africa’s biggest mobile tower operator plans New York IPO Source link Africa’s biggest mobile tower operator plans New York IPO

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