African mobile networks operator Helios Towers PLC (LON:HTWS) floated on the London Stock Exchange on Friday, a year and a half after it first tried to launch an initial public offer.

Helios Towers, which was established in 2009, owns and operates over 6,500 telecom towers in Tanzania, the Democratic Republic of Congo, Congo Brazzaville, Ghana and South Africa.

READ: Helios Towers to test investors’ appetite with £2bn London listing

The company was valued £1.15bn in the IPO, just over half of the £2bn estimated in 2018, as its 1bn shares were listed at 115p each.

City institutions bought £250mln of shares, equating 21.7% of its capital, in the IPO, of which £99mln was from new shares and so will go to the company, while the remaining £149mln was sold by existing investors.

“I hope this signifies our commitment to spreading mobile infrastructure across Sub-Saharan Africa whilst also highlighting the compelling investment opportunity throughout the continent,” said chief executive Kash Pandya.

Last month he said: “Sub-Saharan telecoms market is one of the fastest growing markets in the world. Helios Towers has a proven track record of growth, providing high quality, economically compelling and reliable tower infrastructure and services that drive economic development.

“We believe that we are well-positioned to drive the long-term growth and value of our business and look forward to presenting our investment proposition to investors.”