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Tuesday, September 26, 2023

Initial Public Offering: ​Billionaire Sunil Mittal’s Airtel plans Uganda’s biggest IPO

Airtel Uganda Ltd. plans to boost as a lot as 800 billion shillings ($216 million) in an preliminary public providing, making it the nation’s biggest share sale.
The firm priced its IPO at 100 shillings apiece valuing the nation’s second-biggest telecommunications provider at 4 trillion shillings. The unit of billionaire Sunil Mittal’s Airtel Africa Plc is promoting a 20% stake, or 8 billion shares, on the Uganda Securities Exchange to meet a regulatory requirement.
The supply opens on Wednesday and closes on October 13, based on a prospectus launched within the capital, Kampala, on Tuesday. The firm will begin buying and selling on the trade on Oct. 31.
Uganda has requested telecommunications firms to promote at the least 20% on its bourse to extend native shareholding and deepen its capital markets. If Airtel Uganda reaches its IPO goal, it would grow to be Uganda’s biggest firm by market worth.
MTN Uganda Ltd., which listed in 2021, is value 3.8 trillion shillings. Its IPO was under-subscribed and it raised $150 million, about two-thirds of the goal quantity. Its share has misplaced 15% from the 200 shilling supply worth.
Absa Bank Uganda Ltd. is the lead transaction adviser to the IPO, whereas Crested Capital is the lead sponsoring dealer.

Nilesh Desai
Nilesh Desaihttps://www.TheNileshDesai.com
The Hindu Patrika is founded in 2016 by Mr. Nilesh Desai. This website is providing news and information mainly related to Hinduism. We appreciate if you send News, information or suggestion.

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