Helios Towers raises GBP 250 mln in London IPO
18 October 2019
The African operator Helios Towers has raised a total of GBP 250 million in its initial public offering of shares in London. The company sold 86.4 million new shares for 115 pence each, raising GBP 99 million, while existing shareholders sold another 131 million shares for GBP 150 million. This gives the company a free float of 21.7 percent and a market capitalisation of GBP 1.15 billion.
The IPO, which was first canceled in early 2018, was priced at the low end of the expected range. In its first day of trading on the LSE, the stock rose 5.7 percent.
Helios Towers owns and operates telecommunications towers and passive infrastructure across Tanzania, Ghana, the Democratic Republic of Congo (DRC), the Republic of Congo, and South Africa. The company operates more than 6,500 towers for major African mobile network operators.
The underwriters have an option to sell another 32.6 million shares held by existing shareholders if demand warrants.