RMB supports IHS towers in landmark NYSE listing

Client challenge

IHS Towers, one of Nigeria’s largest independent players in shared telecommunications infrastructure, has led the commercialisation of the tower company model on the continent since 2001 and has grown to be one of the largest and most profitable tower companies in Africa.

 High costs of operating and managing tower sites remain a challenge for telcos and mobile network operators. IHS Towers wanted to improve its tech offering and expand, but needed to know the best way to finance these goals.

RMB's solution

RMB acted as co-manager and adviser to IHS Towers on a landmark IPO transaction.

 The RMB Corporate Finance team delivered invaluable advice to IHS Towers in evaluating and selecting the most efficient transaction structure and pathway for the execution of the transaction. The team was involved in regular marketing campaigns to prepare the provided independent strategic advice in the management of key stakeholders to the transaction, including shareholders and the investing community.

Client benefits

The IPO is a highlight of IHS Tower’s evolution, putting it in a strong position to develop technologies and expand its footprint across Africa, the Middle East and Latin America. It further makes IHS Towers the largest African-focused company on the NYSE and the second Nigerian-founded company to list on the NYSE to date.

 The company offered a total of 18million shares at a listing price of US$21 while existing investors offered 4.5million shares up for sale. The company raised US$378million in primary capital to fund its expansion and scale its operations.