MTN Group affiliate and Africa’s biggest tower operator, IHS Towers, seeks New York Stock Exchange listing.
MTN said in a statement that its affiliate – IHS Towers – is pursuing a potential registered initial public offering (IPO) in the United States.
MTN owns 29% stake in IHS Towers, and the remainder is held by French investment firm Wendel SA and Goldman Sachs & Co.
IHS Holding Limited (IHS Towers) has on 16 September 2021, in the U.S., filed a Form F-1 registration statement with the U.S. Securities and Exchange Commission relating to a potential IPO on the New York Stock Exchange.
The timing, number of shares to be offered and price range of the proposed offering have not yet been determined. The launch of the offering is subject to the necessary regulatory approvals, governance approvals and conducive market conditions.
“Our 29% investment in IHS was fair valued at R23,1 billion at 30 June 2019. Although towers are an important operational component of the business, the investments in the existing tower companies are not viewed as long-term strategic holdings of the group,” MTN informed investors in 2019.
The global telecom tower market accounted for $40 billion in 2017 and is expected to grow at a CAGR of 18% during the forecast period 2018 – 2025, to account to $146 billion by 2025.
Growth in the recent five years is primarily driven by a significant rise in subscriber base on the cellular network, creating a substantial demand for improved and optimized network infrastructures through tower deployment.
Also read: MTN SA Receives 20 Bids For Its Tower Infrastructure
