Kampala, Uganda | THE BLACK EXAMINER | On Monday, Airtel Uganda announced that its initial public offering (IPO) achieved a subscription rate of 54.45% for the 800 billion Ugandan shillings ($213 million) worth of shares that were made available for purchase. The share sale was initiated on August 29th, with each share priced at 100 Ugandan shillings, representing a 20% stake in the company.
The IPO garnered offers to purchase 4.36 billion shares out of the 8 billion shares offered, resulting in proceeds of 211.43 billion shillings, as stated in their official announcement.
Airtel Uganda’s shares are scheduled to be listed on the Uganda Securities Exchange on November 7th. Once the listing is complete, Airtel Uganda will become the second telecoms company to be listed on Uganda’s stock exchange, following MTN Uganda (MTNU.UG), which is mostly owned by South Africa’s MTN Group (MTNJ.J) and was listed in December 2021.
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