Sub-Saharan telecommunications tower operator Helios Towers is planning an initial public offering (IPO) in early April to allow shareholders such as Soros Fund Management to reduce their stakes, Bloomberg reported. Helios Towers plans to list its shares in London and Johannesburg, the company said. It expects that at least 25 percent of its shares will be freely traded after the sale, and is not selling any new stock.
Bloomberg reported in November that Helios was seeking a valuation of at least USD 2 billion. It is now looking to be valued at about USD 2.8 billion including debt, according to a person familiar with the matter, who asked not to be identified as the considerations are private.
Mobile subscriptions in sub-Saharan Africa are expected to surge by 41 percent to 990 million in five years, according to Ericsson. Two of Africa's other tower operators, Eaton Towers and IHS Towers, are also seeking IPOs in 2018, people familiar with the matter said in November.
BofA Merrill Lynch, Credit Suisse and Standard Bank are joint coordinators and bookrunners for the sale, while Jefferies International is also a bookrunner.
