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Helios Towers revives London IPO plans

Helios Towers unveiled plans to list on the London Stock Exchange, a year after shelving an IPO.

The telecom towers operator aims to raise gross proceeds of $125 million through issuing new shares, as well as selling shares owned by existing shareholders such as Millicom International Cellular SA unit Millicom Holding BV, Bharti Airtel Ltd. and the International Finance Corp.

Helios Towers is eyeing a free float of at least 25% — the LSE minimum — subject to approval by the U.K. Financial Conduct Authority.

The listed entity will be called Helios Towers PLC and will have Samuel Jonah as board chairman, with Magnus Mandersson, Richard Byrne, Alison Baker, David Wassong and Temitope Lawani as directors. Helios Towers CEO Kash Pandya and CFO Tom Greenwood will also join Helios Towers PLC's board.

The IPO's proceeds will be used to extend its range of services and footprint, expand partnerships with current clients, build new sites and acquire tower assets, as well as for general corporate purposes.

Helios Towers operates telecom towers in the Democratic Republic of the Congo, Republic of the Congo, Ghana, Tanzania and, most recently, South Africa through the acquisition of SA Towers. It pulled an IPO in 2018, citing poor market conditions.