Airtel Uganda Doubles IPO Incentive as Closing Date Nears

Airtel Uganda managers and stakeholders at the launch of the Initial Public Offering. PHOTO/X

Kampala, Uganda | THE BLACK EXAMINER | Airtel Uganda has doubled its incentive shares for its Initial Public Offering (IPO), just three days before the closing date, aiming to encourage participation and bolster the allocation to Ugandan investors. Manoj Murali, the Managing Director of Airtel Uganda, expressed the company’s commitment to fostering broader ownership of their shares, making the IPO more attractive.

This development is seen as a significant event in Uganda’s capital market, and Airtel Uganda aims to ensure its success. All previous share applicants will also receive the updated incentive shares. Investors acquiring shares in the offering will be eligible for dividends declared by the company in November 2023.

Investors in different categories are now receiving effective discounts, with retail investors getting around 9% and institutional investors enjoying a 53% effective discount.

The IPO is set to close on October 27, and Airtel Uganda is appreciative of the support it has received from Ugandans. The company aspires to raise Shs 800 billion through this IPO, aiming to list by December 16, 2023, in compliance with regulatory requirements. Airtel Uganda, with a significant presence in the market since 1995, holds a strong position, with a substantial subscriber base across the country.

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Busiinge Aggrey
Busiinge Aggrey
Business Aggrey" is a 23-year-old Ugandan journalist and Editor-in-Chief at The Black Examiner newspaper