RMB supports IHS in landmark NYSE listing

IHS Holding Limited (IHS), one of the largest independent owners of shared telecommunications infrastructure has successfully listed its shares by an Initial Public Offering (IPO) on the New York Stock Exchange (NYSE).

The IPO makes IHS the largest African-focused company on the NYSE and the second Nigerian-founded company to list on the NYSE. RMB in Nigeria (RMBN) acted as co-manager and adviser to IHS on this transaction.

The IPO on the NYSE represents a significant milestone in the evolution of the company as it puts IHS in a strong position to build capabilities for technological advancement in the industry as well as expand its footprint across Africa, the Middle East and Latin America.

“RMB in Nigeria provided valuable advice in the evaluation and selection of the most efficient transaction structure and pathway for the execution of the transactions,” Chidi Iwuchukwu, head of IBD and banking division for Rest of Africa said in 2021 after the listing.

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“The team was involved in regular marketing campaigns to prepare the provided strategic independent advice in the management of key stakeholders to the transaction including the shareholders, and the investing community.”

According to the company, a total of 18 million shares at a listing price of US$21 were offered by the company while existing investors offered 4.5 million shares up for sale. The company raised US$378 million in primary capital which will fund its expansion into new regions and scale its operations.

IHS led the commercialisation of the Towerco model on the continent and has grown to be one of the largest and most profitable Towerco’s in Africa. Globally, it ranks among the top four independent multinational operators and developers of telecom towers.

With about 30,000 towers under management, IHS plays a significant role in the digital economy, particularly in Africa, as high costs of operating and managing tower sites remains a challenge for telecommunications operators and mobile network operators.