IHS Holding, Africa's largest independent telecom towers operator, raised $378 million by offering 18 million shares (100% primary) at $21, the low end of the range of $21 to $24. The company originally planned to offer 22.5 million shares (80% primary).
IHS is one of the largest independent owners, operators, and developers of shared telecommunications infrastructure in the world. It is also the largest independent multinational emerging-market-only tower operator and one of the largest independent multinational tower operators globally, by tower count. The company provides its customers, most of whom are mobile network operators (MNOs), with critical infrastructure that facilitates mobile communications coverage and connectivity for 596 million people in emerging markets, across three regions and nine countries. As of June 30, 2021, IHS operated 30,207 Towers across five countries in Africa, three countries in Latin America, and one country in the Middle East. It is the largest tower operator in six of the nine markets in which it operates, and it is the only independent tower operator of scale in five of these markets.
IHS Holding plans to list on the NYSE under the symbol IHS. Goldman Sachs, J.P. Morgan, Citi, RBC Capital Markets, Barclays, and Absa Group acted as joint bookrunners on the deal.
