African mobile networks operator Helios Towers plans to list in London, the company said on Thursday, after ditching plans for an initial public offering (IPO) last year which was expected to value the company at two billion pounds ($2.47 billion). Helios Towers plans to raise $125 million through the issuance of new shares, in addition to the sale of existing shares by shareholders including the International Finance Corporation and telecom firms Millicom and Bharti Airtel, it said in a statement.

Helios Towers operates phone masts in the Democratic Republic of Congo, Republic of Congo, Ghana, South Africa and Tanzania. It dropped previous plans for a listing in March 2018, amid concern about political risk in DRC and Tanzania, one banker told Reuters at the time. Helios is planning a free float of at least 25% of the company, with a listing on the London Stock Exchange, and will use the proceeds for expanding its services, including possibly into new countries, it said.

Merrill Lynch International, Jefferies and Standard Bank are joint global co-ordinators and bookrunners and EFG Hermes and Renaissance Capital will act as joint bookrunners if the IPO proceeds, Helios said.

Copyright Reuters, 2019