15th Oct 2019 08:32
(Alliance News) - Helios Towers PLC on Tuesday announced the pricing of its London Main Market listing, giving the company a market capitalisation of more than GBP1 billion.
The African mobile phone masts operator set its IPO price at 115 pence per share, giving it an equity value of GBP1.15 billion.
This ranks the IPO as one of the biggest of the year in London, just behind Airtel Africa PLC, Network International Holdings PLC, Trainline PLC, and Finablr PLC.
The global offer comprises 86.4 million shares issued by the company to raise GBP99 million and 131.0 million existing shares sold by shareholders, bringing the total offer size to 217.4 million shares worth around GBP250 million.
An additional 32.6 million shares reflecting 15% of the shares in the global offer has been made available under the over-allotment option.
Helios Towers will have an issued share capital of 1.00 billion shares on admission.
Merill Lynch International, Jefferies International Ltd and Standard Bank of South Africa Ltd acted as joint global-coordinators and joint bookrunners, while EFG Hermes UAE Ltd and Renaissance Securities Cyprus Ltd acted as joint bookrunners for the IPO.
Conditional dealings in Helios Towers shares start Tuesday, with unconditional dealings to commence at the open on Friday. The stock was quoted at 115.50 pence early Tuesday.
"Today marks the start of the next exciting chapter in Helios Towers' story, backed by fresh capital and new investors. We look forward to working with our high-quality institutional shareholder base as we seek to leverage the compelling opportunities in our chosen markets. More broadly, I hope this signifies our commitment to spreading mobile infrastructure across Sub-Saharan Africa whilst also highlighting the compelling investment opportunity throughout the continent," said Chief Executive Officer Kash Pandya.
By Dayo Laniyan; [email protected]
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