Telecoms tower company partly owned by MTN offers $21 per ordinary share for NYSE listing

IHS Towers, the company which is 29% owned by MTN, is offered $21.00 for each of its 18 million ordinary shares in its Initial Public Offering (IPO) on the New York Stock Exchange, which kicks-off on Thursday, the company has announced.

The independent entity which operates in sub-Saharan Africa, including Nigeria, Zambia, Ivory Coast, Cameroon and Rwanda, is described as one of the largest independent owners, operators and developers of shared telecommunications infrastructure in the world. 

The closing of the offering is expected to occur on Monday, 18 October 2021,  with the pricing of initial public offering of 18,000,000 ordinary shares being offered at a public offering price of $21.00 per share.

MTN will hold 85 176 719 ordinary shares after the IPO. 

IHS Towers 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.

MTN shares on the JSE jumped nearly 1% in early morning trade to R142.36 following the news.