MTN-owned tower company looking to list on New York Stock Exchange

MTN announced to shareholders on Friday that IHS Towers is pursuing a potential registered initial public offering (IPO) on the New York Stock Exchange.

MTN holds a 29% stake in IHS Towers.

IHS Holding Limited (IHS Towers) filed the registration statement on 16 September for a potential listing on the US-based exchange.

The timing, number of shares to be offered and price range of the proposed offering have not yet been determined.

The launch of the offering is subject to the necessary regulatory approvals, governance approvals and conducive market conditions.

Talks of a listing for IHS Towers date back to 2017 when sources told Bloomberg the company was looking to list in 2018.

At the time, it was targeting an enterprise value of $10 billion.

News of the listing of IHS Towers follows reports from earlier this year that MTN appointed Citigroup and Standard Bank to advise on a sale and leaseback of some of its South African telecom towers.

According to the report, MTN was looking to raise between R5 billion and R10 billion from the deal and was looking to attract specialist tower companies operating on the continent.

MTN hasn’t made a final decision about the scope or timing of the sale of its towers.


Now read: R150 million to replace stolen and vandalised MTN equipment in KwaZulu-Natal

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MTN-owned tower company looking to list on New York Stock Exchange