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Airtel Uganda appoints Absa Bank as IPO lead transaction advisor and receiving bank

Airtel Uganda appoints Absa Bank as IPO lead transaction advisor and receiving bank

During the Launch of Airtel IPO,

By Our Reporter

Kampala: The Airtel Uganda Limited Initial Public Offering (IPO) is ongoing and Absa Bank Uganda is the lead transaction advisor and receiving bank.

Shares are available for purchase from August 30 to October 13, 2023.

In a press release, the public can conveniently pay for the shares via Absa Mobile Banking App, internet banking platforms or any Absa bank branch countrywide.  

The company set the price for its initial public offering (IPO) at 100 Ugandan shillings (UGX) apiece, and will offer up to 20% stake or 8 billion shares, the company told the Uganda Securities Exchange. The IPO also fulfills regulatory requirements under which the company has to mandatorily list by 16 December.

For the year ended 31 December 2022, Airtel Uganda had revenues, EBITDA and net income of UGX 1,594 billion, UGX 888 billion and UGX 326 billion, respectively. Airtel Uganda, previously Celtel Uganda Ltd, launched the country’s first mobile cellular network in 1995.

Following the acquisition by Airtel in June 2010, the business was rebranded Airtel Uganda.“The IPO gives preference to Ugandan investors, including the company’s customers, to own a share in Airtel Uganda and participate in its future growth. This is very much in line with one of our core values of customer-centricity,” said Manoj Murali, managing director, Airtel Uganda.

“We shall give 5 shares to retailers for every 100 that they buy,” Hannington Karuhanga, board chairman, Airtel Uganda Ltd, said.Absa Bank Uganda Ltd is the lead transaction adviser to the IPO, while Crested Capital is the lead sponsoring broker.

Airtel Uganda is a subsidiary of Airtel Africa plc, listed on the London Stock Exchange, which has a pan-African business operating across 14 countries, comprising over 140 million subscribers and a market capitalization of $5.5 billion.

The company also benefits from the skills and capabilities within the Bharti Airtel Group, the second largest telecommunications operator globally, that has 518 million customers and a market capitalization of over $64.3 billion.

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