The timing, number of shares to be offered and price range of the proposed offering have not yet been determined, and the company is restricted in how much further information it can confirm at this time.
However, initial reports from Bloomberg have called it the “biggest IPO of an African company in the US”, pegging the potential value of the firm at US$7 billion. JPMorgan and Citi have been hired to handle the process.
A statement released by IHS on 14 August, read: “IHS Holding Limited today announced that it is exploring a potential registered initial public offering in the United States. The timing, number of shares to be offered and price range of the proposed offering have not yet been determined. Any proposed offering would commence after the completion of a customary U.S. Securities and Exchange Commission review process of a registration statement relating to the proposed offering and subject to market and other conditions.”
The company is currently owned by Goldman Sachs Group Inc. and South African wireless carrier MTN Group Ltd.
HTN and Zain have both sold towers to IHS in recent years, significantly bolstering the firm’s 28,000 tower portfolio and, in July, IHS welcomed Ursula Burns to its board of directors.
IHS first explored an IPO in 2018 but put the plans on hold because of political complications in Nigeria.
The firm is headed by chairman and group CEO Sam Darwish (pictured), who also co-founded IHS Towers.