IHS Towers priced its initial public offering at the low-end of its expectations, potentially reflecting investor worries about its outsize exposure to risky markets such as Nigeria. But it was still the biggest US flotation by an African company and could result in a healthy windfall for SA’s biggest cellphone company, MTN.

The company, founded two decades ago in Nigeria, priced its IPO at $21 per share, the bottom end of its $21-$24 range marketed to investors last week and putting it in line to raise $378m (R5.6bn) on its debut, which was set to place on Thursday, after local markets had closed, on the New York Stock Exchange...

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