Sub-Saharan Africa-focused telecommunications tower operator Helios Towers has scrapped plans for a main listing on the LSE and a secondary inward listing on the main board of the JSE after shareholders scuppered the plans.
Earlier in March, the tower operator outlined its intention of listing, which garnered “considerable institutional investor interest” and endorsed its business model, strategy and growth prospects.
However, Helios announced shortly thereafter that shareholders have decided not to proceed with initial public offerings (IPOs) of the company’s shares at the current time.
Helios assured investors that it remained committed to executing its growth strategy and reiterated its confidence in the group’s outlook.
As Helios continued to pursue its transformation story, the dual listing had seemed like the natural next steps in the company’s growth journey and was expected to provide new investors with an opportunity to participate in this growth, Helios chief commercial officer Alexander Leigh previously told Engineering News.
The IPOs were expected to enhance Helios’ public profile; support its growth plans; provide access to a wider range of capital-raising options; assist in the incentivisation and retention of key management and employees; and create a liquid market for shareholders.
Investors in the group include Helios Investment Partners, Quantum Strategic Partners, Albright Capital Management, RIT Capital Partners, the International Finance Corporation and Millicom International Cellular.