IHS Towers, one of the largest independent owners, operators and developers of shared telecommunications infrastructure in the world, announced today that it has commenced an initial public offering (IPO) of 22.5 million ordinary shares.

Of these shares, 18 million are being offered by IHS Towers and 4.5 million are being offered by certain selling shareholders, says the telecoms company.

In a statement, it says 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 and 675 000 ordinary shares from the selling shareholders at the initial public offering price.

The IPO price is currently estimated to be between $21 and $24 per share.

IHS Towers says has it been approved to list its ordinary shares on the New York Stock Exchange under the ticker symbol “IHS”.

South Africa-based mobile operator MTN, which held 29% of IHS Towers’ common equity as at 30 June 2021, today also notified its shareholders about the IPO.

This, after the telco on 17 September notified the market that IHS Towers had filed its Form F-1 registration statement with the US Securities and Exchange Commission

Goldman Sachs, JP Morgan and Citigroup are acting as joint lead book-running managers for the proposed offering, says IHS Towers.

It adds that RBC Capital Markets, Barclays and Absa are acting as joint book-running managers for the proposed offering.

Cowen and Company, Investec Bank, Renaissance Securities (Cyprus), FirstRand (London Branch), acting through its Rand Merchant Bank division, Academy Securities, Loop Capital Markets, Samuel A Ramirez & Company, Siebert Williams Shank and Tigress Financial Partners are acting as co-managers for the IPO.

Founded by Sam Darwish in Lagos, Nigeria, in 2001, IHS specialises in building and operating telecommunication infrastructure throughout emerging markets.

IHS competitors in Africa include Helios Towers and American Tower Corporation.