(Bloomberg) -- Helios Towers Ltd. raised 288 million pounds ($364 million) in a long-delayed share offering that gives investors a foothold in Africa’s fast-growing wireless tower industry.

The stock priced at 115 pence apiece, the bottom end of the initial range, the company said in a statement. Shareholders including Millicom International Cellular SA and Bharti Airtel Ltd. are selling down their stakes in the London IPO, with Helios set for a market valuation of 1.15 billion pounds.

The London-based company has more than 6,800 towers spread across five African countries and needs the money to step up its rollout of fourth-generation mobile services and keep pace with soaring mobile data consumption on the continent.

It was originally looking to raise as much as $500 million.

New share sales in Europe have struggled to drum up enough interest this year. The London market is particularly quiet and Helios is one of several African and Middle Eastern companies that are helping to keep it alive.

To contact the reporter on this story: Swetha Gopinath in London at sgopinath12@bloomberg.net

To contact the editors responsible for this story: Rebecca Penty at rpenty@bloomberg.net, Thomas Pfeiffer, Blaise Robinson

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