Airtel Uganda has pushed back the closing date for its initial public offer (IPO).
Initially scheduled to close on 13th October, Airtel has delayed this to 27th October, with share trading according now commencing on 7th November. The share offer price and available stock are unaltered.
Airtel is offering eight billion shares on the Uganda Securities Exchange, priced at UGX100 (USD0.0265) per share. This equates to 20% of its total shares. Airtel has given no reason for the delay, but Uganda Business News reported an unnamed banker as confirming that it was due to poor investor response.
The IPO opened on 30th August, and the previous IPO on the USE was that of rival MTN Uganda in December 2021, which listed a similarly sized stake but sold only 60% of this.
