Helios Towers said it has dropped its plans to run an initial public offering (IPO) in London which was predicted to value the business at nearly 2 billion pounds ($2.8 billion).
The firm said it had obtained “considerable interest” from institutional investors who have supported its business plan and progress strategies but its shareholders had decided to drop the planned IPO. The firm did not give any reasons for the withdrawal.
On March 2, Helios Towers said it was planning to launch an IPO on the main market of the London Stock Exchange in early April.
Helios is owned by Millicom, Bharti Airtel, Albright Capital Management, and Soros Fund Management, which owns over 20 percent stake in the firm. Albright and Soros are hedge funds while the first two shareholders are telecom firms.
Helios Towers was founded in December 2009 and it owns about 6,600 towers in DRC, Tanzania, and Ghana.
