African telecommunication firm Helios to float shares in London

AFRICAN mobile network operator Helios Towers plans to raise £100 million by issuing new shares in London.

With the latest announcement, Helios has revived its plan to list in the British capital, a year after having pulled out its floats.

According to an announcement made on Thursday (12), at least 25 per cent of the business will be floated on the London Stock Exchange (LSE), while the initial public offering (IPO) will be coordinated by Bank of America Merrill Lynch, Jefferies and Standard Bank.

The company added that the existing shareholders would also be selling shares.

Helios aims to use the cash to expand its market by building and acquiring new sites.

Helios Towers Chief Executive Officer Kash Pandya told the Telegraph that the sub-Saharan telecoms market was one of the most "high growth [market] in the world", citing growing demand for voice and data services among an "increasingly urbanised population".

The new parent company, which will be listed on LSE, will be chaired by Sir Samuel Jonah.

Jonah is also the chairman of South African investment holding company Jonah Capital.

The company dropped its previous plans for a listing in March 2018, amid concern about political risk in the Democratic Republic of Congo (DRC) and Tanzania, according to media reports.

The company’s first-half revenue increased seven per cent year-on-year to approximately £153 million ($191m), for the six months to June.

Helios operates some 7,000 telecommunications towers in countries such as South Africa, the DRC, and Ghana.

It owns and operates more sites than any other operator each in Tanzania, the DRC, and Congo Brazzaville.

The firm is also a leading operator in Ghana with a strong urban presence and has recently announced entry into South Africa.