An African operator of mobile phone masts, IHS Towers might become the largest Africa-focused company on Wall Street if its New York listing goes ahead this week.
The company, which is 29 per cent owned by MTN, is dialling down the hype for its second attempt at an initial public offering (IPO) as it prepares for a listing on the New York Stock Exchange.
According to Reuters, with a market value of up to $8 billion, the company appears designed to win over even the most skeptical investor.
The move is expected 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 and manages towers for mobile telecom transmitters, has become stock market darlings due to its growth prospects and predictable cash flows, the report added.
The company operates 30,000 masts, of which more than half are in Nigeria. It is offering 22.5 million shares, of which 18 million is new stock and 4.5 million are being sold by existing shareholders. The underwriters of the initial public offering
Peter Uzoho with agency report