African mobile networks operator Helios Towers has priced its initial public offering at 115 pence per share, giving it a market capitalisation of 1.15 billion pounds ($1.45 billion).

Helios shares began conditional trading on London Stock Exchange at 0700 GMT on Tuesday after selling a total of 250 million pounds of shares.

The company priced at the low end of its pricing range, as reported by Reuters on Monday.

Investors will be watching closely to see how Helios fares in early trading as the first post-summer IPO in London, after Kazakh fintech Kaspi.kz postponed its float last week.

Helios operates phone masts in the Democratic Republic of Congo, Republic of Congo, Ghana, South Africa and Tanzania.

It had shelved previous plans for its IPO amid concerns about political risks in DRC and Tanzania.

Helios has said it will use the proceeds for expanding its services, including possibly into new countries.

Kash Pandya, Chief Executive of Helios, said the float “signifies our commitment to spreading mobile infrastructure across Sub-Saharan Africa”. (Reuters)

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