Airtel Uganda doubles bonus shares ahead of IPO close

Airtel Uganda said it has doubled the amount of bonus shares for potential investors, to boost participation in its initial public offering (IPO) set to close on Friday.

Bonus offers will be doubled for investors across all categories, Airtel said in a statement issued late on Tuesday.

The firm launched its share sale on Aug. 29 and set the share price at 100 Ugandan shillings. It had initially announced bonus shares of various sizes ranging from 1-37 for different categories of investors.

Airtel is selling 20% of its equity in a move aimed at raising 800 billion Ugandan shillings ($213 million).

Results of the IPO are expected on Oct. 30, while shares will be listed on the Uganda Securities Exchange on Oct. 31, according to a prospectus.

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.