IHS Towers, which is 29% owned by MTN, is gearing up for a listing on the New York Stock Exchange, in a move set to unlock value for the pan-African mobile operator.
The tower company, which has a presence in Latin America, the Middle East and sub-Saharan Africa, on Friday announced that it had filed a registration statement with the US Securities and Exchange Commission for a potential IPO on the NYSE.
IHS was established in 2001, and describes itself as one of the largest independent owners, operators and developers of shared telecommunications infrastructure in the world. The company said neither the number of shares to be offered nor the price range of the proposed offering had yet been determined.
Its latest financial statements for the second quarter of 2021 shows that it lifted revenue 21.2% to $402 million, in a jump largely driven by organic growth.
In sub-Saharan Africa, IHS operates in Nigeria, Zambia, Ivory Coast, Cameroon and Rwanda.
Its shareholder, MTN, this year embarked on a process of selling its South African towers, a transaction that Bloomberg Intelligence estimated could offer it as much as R11 billion.
MTN shares in Johannesburg were 3.3% higher at R128.55 before close of business.