Airtel Uganda IPO Results: Strong Investor Interest Secures UGX 211.4 Billion

Airtel Uganda’s IPO sees 54.45% subscription rate, raising UGX 211.4 billion with NSSF’s 10.55% investment.

Airtel Uganda Limited’s Initial Public Offer (IPO) results were announced by Absa Bank Uganda Limited, acting as the Transaction Adviser, and Crested Capital, the Lead Sponsoring Broker. The IPO, which began on August 30, 2023, and concluded on October 27, 2023, involved the sale of 8,000,000,000 existing ordinary shares of the company at a price of UGX 100 per share.

Out of the total offer shares, 4,355,902,835 were allocated, representing a subscription rate of 54.45%. There were a total of 4,614 applicants for the offer shares, resulting in total proceeds of UGX 211,428,850,000. The National Social Security Fund (NSSF) Uganda contributed UGX 199 billion, securing a 10.55% stake in Airtel Uganda.

Post-offer, professional investors will hold 10.55% of the company’s outstanding shares, while retail investors will hold 0.34%.

Successful applicants will have their SCD Accounts credited with the allocated offer shares, along with corresponding incentive shares, on November 6, 2023. Unsuccessful applicants will receive refunds within 14 days from the same date.

Airtel Uganda is regulated by the Uganda Communications Commission (UCC).

The listing of Airtel Uganda on the Main Investment Market Segment of the Uganda Securities Exchange (USE) is set for November 7, 2023. Trading will commence at 09:30 a.m. on the same day. The allotment received approval from the Capital Markets Authority on November 3, 2023.

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