Home / Market News / IHS Holding IPO priced at the bottom of the expected range, as company raised $378 million

IHS Holding IPO priced at the bottom of the expected range, as company raised $378 million

Shares of IHS Holding Ltd. is set to go public Thursday, as the shares telecommunications infrastructure operator said overnight that it’s initial public offering priced at $21 a share, at the bottom of the expected range of between $21 and $24 a share. The company raised $378.0 million as it sold 18.0 million shares in the IPO. The company had previously said selling shareholders were planning to sell 4.5 million shares in the IPO, but that wasn’t part of the pricing announcement. With 328.05 million shares expected to be outstanding after the IPO, the pricing values the company at about $6.9 billion. The stock is expected to begin trading on the NYSE some time after the open under the ticker symbol “IHS.” Goldman Sachs, J.P. Morgan and Citigroup were the lead underwriters. The company recorded net income of $76.6 million on revenue of $763.6 million during the six months ended June 30, after a loss of $352.9 million on revenue of $664.1 million in the same period a year ago. The company is going public on a day that the Renaissance IPO ETF was climbing on 1.1% in premarket trading, while futures for the S&P 500 were rallying 0.9%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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