Airtel Africa’s Uganda division has announced its intention to raise $216 million (approximately Rs 1,788 crore) by selling a 20% stake in an initial public offering (IPO). The funds generated from the IPO will be utilized to fuel the company’s expansion efforts within the country.
The main goal of the IPO is to create a future source of capital that will support Airtel Uganda’s ambitious growth strategy. This move aims to strengthen the company’s position in the market and facilitate its expansion plans, according to insiders familiar with the situation.
Upon the successful completion of the IPO, Airtel Uganda will become the second telecom company to be listed on the Uganda stock exchange, following MTN Uganda, which is mostly owned by the South African MTN group and was listed in December 2021.