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    Innovation Village | Technology, Product Reviews, Business
    You are at:Home»News»Airtel Uganda Announces Initial Public Offering (IPO) Plans to Raise $216 Million
    Airtel

    Airtel Uganda Announces Initial Public Offering (IPO) Plans to Raise $216 Million

    0
    By Staff Writer on August 29, 2023 News, Telecoms

    Telecom services provider Airtel Uganda Ltd, a subsidiary of Airtel Africa plc and backed by billionaire Sunil Mittal, has unveiled its ambitious plan to raise 800 billion Ugandan shillings (approximately $216 million) through an initial public offering (IPO). This strategic move was announced in a statement released on Tuesday.

    Setting the stage for this significant IPO, the company has priced its shares at 100 Ugandan shillings (UGX) each. Airtel Uganda aims to offer up to a 20% stake, equivalent to 8 billion shares, marking a pivotal moment for the company as it fulfills regulatory mandates mandating its listing by December 16.

    Investors and the public are invited to participate as the IPO opens on Wednesday, with a closing date set for October 13. Upon successful completion, Airtel Uganda is poised to commence trading on the Uganda Securities Exchange on October 31.

    Having provided mobile telecommunications services since 1995, Airtel Uganda has cemented its position as a key player in the Ugandan market, sharing co-leadership with 49% revenue and a subscriber market share of 47.3%. The company proudly serves 14.3 million active subscribers across 146 districts within Uganda.

    For the fiscal year ending on December 31, 2022, Airtel Uganda reported impressive figures: revenues of UGX 1,594 billion, EBITDA of UGX 888 billion, and net income of UGX 326 billion. The journey began when Airtel Uganda, formerly Celtel Uganda Ltd, introduced the country’s inaugural mobile cellular network in 1995. After its acquisition by Airtel in June 2010, the business transitioned to its current identity as Airtel Uganda.

    Manoj Murali, the Managing Director of Airtel Uganda, emphasized the IPO’s alignment with the company’s core values of customer-centricity, noting that it extends preferential treatment to Ugandan investors and customers, offering them the opportunity to become stakeholders in Airtel Uganda and partake in its future growth. The IPO’s structure is designed to reward retailers with 5 shares for every 100 they purchase, as explained by Hannington Karuhanga, the Board Chairman of Airtel Uganda Ltd.

    Driving the IPO’s success is Absa Bank Uganda Ltd, the lead transaction adviser, alongside Crested Capital as the lead sponsoring broker.

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    Airtel Africa Airtel Uganda IPO telecoms
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