Airtel Uganda IPO by end of the year

Airtel Uganda, the country’s second largest telecoms company and a unit of India’s Bharti Airtel (BRTI.NS), plans to list a part of its equity by the end of this year, a top company official told local NTV Uganda late Monday.

The company renewed its operating licence in 2020, with one of the conditions for the new licence being Airtel Uganda to list at least 20% of equity on the local bourse.

“We will be listing in Uganda stock exchange most probably by December of 2022,” Airtel Uganda Managing Director Manoj Murali said to the local television channel, without divulging any further details.

Murali could not be immediately reached for a comment.

The firm has about 10 million subscribers and is the second biggest operator after a unit of South Africa’s MTN Group (MTNJ.J), which has about 15 million subscribers.

MTN Uganda also listed its shares on the Uganda Stock Exchange in December as a part of its new licence, although the company’s initial public offering (IPO) was deeply undersubscribed. Acesparks