Africa's Helios ditches London IPO plans, Congo turmoil weighs

16 March 2018

Mergers, Acquisitions and Financial Results

LONDON (Reuters) - African mobile phone mast firm Helios Towers on Thursday pulled its plans to list in London, with one banker saying the expected IPO price was too low for shareholders who had been valuing the firm at as much as 2 billion pounds ($2.8 billion).

Helios, which operates phone masts in Ghana, Congo Republic, Democratic Republic of Congo and Tanzania, said it had received “considerable interest” from institutional investors who liked its business plan and growth prospects.

However, without giving reasons, it said shareholders had decided to withdraw from the listing, which had been scheduled for next month.

The banker involved on the deal said investors were worried about the political and policy risks in Democratic Republic of Congo (DRC) and Tanzania.

Source: Reuters