Airtel Uganda says its IPO undersubscribed

KAMPALA (Reuters) -Airtel Uganda said on Monday its initial public offering got a 54.45% subscription rate for the 800 billion Ugandan shillings ($213 million) worth of shares offered for sale.

The firm launched its share sale on Aug. 29 and set the share price at 100 Ugandan shillings, to offload a 20% stake.

It received offers to buy 4.36 billion shares out of the 8 billion shares that were up for sale, raising 211.43 billion shillings, it said in a statement.

Airtel Uganda’s shares are due to be listed on the Uganda Securities Exchange on Nov. 7.

When the listing completes, Airtel Uganda will be the second listed telecoms company on Uganda’s stock exchange after MTN Uganda, majority owned by South Africa’s MTN Group, which listed in December 2021.

($1 = 3,755.0000 Ugandan shillings)

(Reporting by Elias Biryabarema; Writing by George Obulutsa; editing by David Evans)