Helios Towers plans IPO and Joburg listing

Helios Towers, one of the largest sub-Saharan telecommunications tower operators, plans an initial public offering in early April, to allow shareholders such as Soros Fund Management LLC to reduce their stakes.

Helios Towers plans to list its shares in London and Johannesburg, the company said in a statement Friday.

It said it expects that at least 25% of its shares will be freely traded after the sale, and it’s not selling any new stock.

Bloomberg in November reported that Helios was seeking a valuation of at least $2 billion. The company is now looking to be valued at about 2 billion pounds ($2.8 billion) including debt, according to a person familiar with the matter, who asked not to be identified as the considerations are private.

Africa’s phone-mast industry is booming as rising wireless device use leads to a leapfrogging of traditional land-line connections. Mobile subscriptions in sub-Saharan Africa are set to surge 41% to 990 million in five years, according to Ericsson AB.

Two of Africa’s other tower operators, Eaton Towers Ltd. and IHS Towers, are also seeking initial public offerings in 2018, people familiar with the matter said in November.

BofA Merrill Lynch, Credit Suisse and Standard Bank are joint coordinators and bookrunners for the sale, while Jefferies International Ltd. is also a bookrunner.


Read: Biggest African telecom tower companies plan 2018 IPOs

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Helios Towers plans IPO and Joburg listing