Helios Towers rose 1.8% in London after raising $364 million in a long-delayed share sale that gives investors a foothold in Africa’s fast-growing wireless tower industry. Shares in the company backed by billionaire financier George Soros priced at 115 pence apiece in the initial public offering, the bottom of the range, the company said in a statement. Shareholders including Millicom International Cellular SA and Bharti Airtel sold down their stakes in the London IPO, with Helios set for a market valuation of 1.15 billion pounds. Helios has more than 6 800 towers spread across five African countries and the money raised from selling new shares will help it to roll out fourth-generation mobile services and keep pace with soaring mobile data consumption on the continent. It was originally looking to raise as much as $500 million.
SOURCE: QUARTZ AFRICA