Airtel Uganda has announced plans to float a 20 percent stake in the company via an initial public offer (IPO) to be listed on the Uganda Securities Exchange (USE).
The operator said that the offer will give preference to Ugandan investors, with a listing to be carried out by December 16 in accordance with the terms of its National Telecommunications Operator (NTO) license.
“The offer is expected to result in meaningful local ownership of Airtel Uganda Ltd, with preference to be given to Ugandan investors, and to contribute to the development of the capital markets in Uganda,” said Airtel Africa.
Airtel was given a 12-month extension to list its shares after initially missing the deadline last December. Its domestic rival MTN Uganda carried out its own share listing back in 2021.
If the move gets approval from the Capital Markets Authority of Uganda, the shares will be offered to investors both via traditional channels and through the Airtel Money platform, the operator confirmed.
Airtel has picked Absa Bank Uganda as its lead transaction advisor for the process, which it hopes will be completed by the end of the year.
The operator switched on its 5G services in the country earlier this month.