In a bid to raise $213 million, Airtel Uganda has doubled its bonus share offerings for its imminent initial public offering (IPO), set to conclude this Friday. The telecom company's strategy is aimed at encouraging wider distribution of shares among Ugandan investors.
The share sale, which began on August 29, has shares priced at 100 Ugandan shillings each. The number of bonus shares, originally ranging from 1-37 depending on investor categories, has now been increased twofold. This move is accessible to all types of investors, including both retail and professional investors, as confirmed by Manoj Murali, Airtel's managing director.
The company aims to sell 20% of its equity as part of the IPO. Airtel Uganda's IPO was delayed by a year due to unfavorable market conditions, coinciding with global turbulence triggered by the COVID-19 outbreak and the Russia-Ukraine conflict.
Airtel Uganda will announce the results of the IPO on October 30, followed by the listing of shares on the Uganda Securities Exchange on October 31. This listing will mark Airtel Uganda as the second telecoms company listed on the exchange after MTN Uganda, majority-owned by South Africa's MTN Group, which made its debut in December 2021.
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