Airtel Uganda Limited has announced its intention to publish a prospectus and to issue an Initial Public Offer (IPO) of 8,000,000,000 ordinary shares on the Main Investment Market Segment of the Uganda Securities Exchange, representing 20.0% of its company.
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The prospectus will be published following the approval of the Capital Markets Authority of Uganda. The offer will be effected by way of the sale of Bharti Airtel Uganda Holdings, a wholly-owned subsidiary of Airtel Africa Plc. All the proceeds of the offer, net of related expenses, will consequently go to Bharti Airtel Uganda as the selling shareholder.
To progress the offer, Absa Bank Uganda Limited has been appointed as Lead Transaction Advisor, Crested Capital as Lead Sponsoring Broker, Katende Ssempebwa and Company Advocates as the Legal Advisor, and EY as the Reporting Accountant.
Airtel Uganda, previously Celtel Uganda Limited, launched the country’s first mobile cellular network in 1995. Following the acquisition by Bharti Airtel Limited (“Bharti Airtel”) in June 2010, the business was rebranded to Airtel Uganda, thereby introducing the Airtel brand to the country.
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It is currently the co-leader in the market with 49.0 per cent revenue and 47.3 per cent subscriber market share. The company has 14.3 million active subscribers across 146 districts in Uganda.
The parent company, Airtel Africa plc, is listed on the London Stock Exchange and the Nigeria Stock Exchange. It operates across 14 countries, comprising over 140 million subscribers and a market capitalisation of approximately USD 5.5 billion.
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