Airtel Uganda on August 29 announced its intention to raise up to 800 billion shillings (approximately $216 million) through an upcoming initial public offering (IPO).
Airtel Uganda’s public issue opens immediately, and is scheduled to close on October 13, the company’s managing director Manoj Murali said at a press briefing.
“The initial public offer – or IPO – will see up to 8 billion existing ordinary shares of the company – representing up to 20 percent of the company – made available,” Murali said.
These shares on offer are worth 800 billion Ugandan shillings. If successful, this move would mark a significant milestone, positioning it as the largest share sale in the nation’s history.
“The IPO gives preference to Ugandan investors, including the company’s customers, to own a share in Airtel Uganda and participate in its future growth,” Murali said, adding, “This is very much in line with one of our core values of customer-centricity.”
The company priced its IPO at 100 shillings apiece valuing the nation’s second-biggest telecommunications carrier at 4 trillion shillings.