Sudhir Invests UGX 4 Billion in Airtel IPO

Kamapala, Uganda | THE BLACK EXAMINER | Airtel Uganda recently hosted a meeting with the Indian Business Forum, an integral segment of the Indian Association of Uganda. The purpose of this gathering was to encourage participation in Airtel’s Initial Public Offer (IPO), which is scheduled to conclude on October 13, 2023.

Airtel Uganda, a prominent telecommunications company in the country, warmly welcomed members of the Indian Business Forum to an evening filled with camaraderie, networking, and discussions centered on the rationale and strategies for investing in the Airtel Uganda IPO.

The outcome was highly encouraging, as it was announced that Dr. Sudhir Ruparelia, the Honorary Consul of the Republic of Nepal to Uganda, known for his commitment to Uganda’s economic growth, has pledged to purchase 40,000,000 shares, amounting to 4 billion Ugandan Shillings.

Mr. Manoj Murali, the Managing Director of Airtel Uganda, expressed deep appreciation, saying, “We are truly delighted by the enthusiastic response from the members of the Indian Business Forum. Sudhir Ruparelia’s commitment to the Airtel Uganda IPO underscores unwavering confidence in our company’s vision and growth potential.”

He continued, “Additionally, this follows a recent announcement from Owek. Charles Peter Mayiga, Prime Minister of Buganda Kingdom, pledging to acquire 2 million shares on behalf of the Buganda Kingdom, further strengthening our position in this endeavor.”

Mumba Kalifungwa, Managing Director of ABSA Bank Uganda and the lead transaction advisor for the IPO, shared his insights, stating, “Airtel’s IPO represents a significant investment opportunity in Uganda’s vibrant telecommunications sector. We are excited to be a part of this journey.”

Robert Baldwin, CEO of Crested Capital and the lead sponsoring broker for the IPO, added, “The interest and support from the Indian Business Forum are a testament to the trust they have in Airtel and the potential of this IPO. We look forward to Listing Day on the Uganda Securities Exchange on October 31.”

The event was graced by notable members of the business community, including Billionaire Sudhir Ruparelia, Honorary Consul of the Republic of Nepal to Uganda; Honorable Velupillai Kananathan, Sri Lanka’s High Commissioner to the Commonwealth state of Uganda; and Honorable Upender Singh Rawat, the High Commissioner of India to Uganda. Their presence underscored the importance of Airtel’s IPO in the broader India-Uganda business landscape.

Sudhir Ruparelia’s commitment of 4 billion Ugandan Shillings reaffirms Airtel’s standing as a preferred investment choice in Uganda. The Airtel IPO is poised to be a significant milestone in the telecommunications industry and the broader business community.

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