$6 Billion IPO for IHS Holding Limited (IHS) Opens, Trades Lower

Today's IPO for IHS Holding Limited (NYSE: IHS) opened for trading at $17.65 after pricing 18,000,000 ordinary shares at $21, the low end of the expected $21$24 range. Shares have since drifted lower to $17.26.

The valuation based on the opening trade was about $5.8 billion.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Citigroup Global Markets Inc. are acting as joint lead book-running managers for the offering. RBC Capital Markets, LLC, Barclays Capital Inc. and Absa Bank Limited are acting as joint book-running managers for the offering. Cowen and Company, LLC, Investec Bank plc, Renaissance Securities (Cyprus) Limited, FirstRand Bank Limited (London Branch), acting through its Rand Merchant Bank division, Academy Securities, Inc., Loop Capital Markets LLC, Samuel A. Ramirez & Company, Inc., Siebert Williams Shank & Co., LLC and Tigress Financial Partners LLC are acting as co-managers for the offering.

IHS Towers generated sales of $764 million for the first six months of the year. Profit came in at $77 million (vs a loss of $353 million for the six months ended June 30, 2020) and Adjusted EBITDA at $490 million.

IHS Holding is one of the largest independent owners, operators and developers of shared telecommunications infrastructure in the world.

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