Helios Towers, a leading telecommunication tower infrastructure company in Africa has raised $364 million on its first day of listing on the London Stock Exchange. The fund came after a prolonged delay by the company to list its stock publicly.
Helios Towers was founded in 2009 by London-based Helios Investment and George Soros. The company aims to enable mobile operators to build mobile coverage in high-growth markets by building mast for mobile operators.
Before listing, Helios backtracked its Initial Public Offering on the London Stock Exchange for nearly 18months. This was done alongside IHIS Towers and Eaton Towers which both sourced for funds through other means.
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The Telco sets its Initial Public Offering at 250 million pounds ($317 million), giving it a market capitalization of about 1.15 billion pounds ($1.45 billion).
Since the debut of its IPO, the company’s shares rose by more than 4% at its early stage on the market but grew to 116 pence just above the IPO.
With the increase in shares and funds, the company is currently valued 8 times robust in Sub-Saharan Africa. The fund will, however, be used to expand Helios business to other countries.
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