According to Airtel Uganda, its initial public offering (IPO) has been undersubscribed as it received a 54.45 per cent subscription rate for the $213 million worth of shares offered for sale.
The firm launched its share sale on August 29, 2023 and set the share price at $0.03, to offload at 20 per cent stake. It received offers to buy 4.36 billion of the 8 billion shares on offer, raising $5.59 billion.
Furthermore, Airtel Uganda’s shares are due to be listed on the Uganda Securities Exchange on November 7, 2023. When the listing completes, Airtel Uganda will be the second listed telecom company on Uganda’s stock exchange after MTN Uganda.