Airtel Uganda relied heavily on the country’s pension fund and retail investors to raise Ush199 billion ($52.9 million) in its recently concluded initial public offering (IPO).
Most of the funds came from Uganda’s National Social Security Fund (NSSF), which acquired 4.2 billion shares, giving it a 10.55 percent stake in the telco. In the IPO, which was undersubscribed, individual investors acquired a total of 136 million shares amounting to a 0.34 percent stake in the company. Their stake, including incentive shares they were allotted for free, is valued at about Ush13.6 billion ($3.6 million).
