This archive report was first published on 4 November 2021.
On October 11th, 2021, MTN Uganda launched its Initial Public Offering (IPO) in Uganda, marking a significant milestone in the company's growth. The IPO, which offers 4.4 billion ordinary shares, is now set to be marketed in Kenya, following approval from the Capital Markets Authority (CMAK).
The marketing of the IPO in Kenya is led by SBG Securities and Dyer and Blair, both licensed market intermediaries in Kenya, in collaboration with their respective affiliates in Uganda. SBG Securities Uganda Limited is the Transaction Advisor and Lead Sponsoring Broker for the MTN Uganda IPO, working closely with SBG Securities Limited (Kenya) to market the IPO in Kenya.
Each share in the IPO is priced at UGX 200.00 (KES 6.28), with a minimum investment requirement of UGX 100,000 (KES 3138) per shareholder. Kenyan investors will need to open a Securities Central Depository (SCD) account at the Uganda Securities Exchange (USE) to apply for the IPO, and will require a valid identification national ID or passport.
As an added incentive, all East African applicants will receive 5 bonus shares for every 100 shares they are allocated. The IPO will close on November 22nd, 2021, at 4 pm EAT.
MTN Group's listing on the Uganda Securities Exchange marks a significant milestone in the company's growth, and is expected to contribute towards deepening the Ugandan and East African capital markets.
"The decision to list MTN on the Uganda Securities Exchange is in line with our localization agenda aimed at prioritizing local investors," said MTN Uganda Chief Executive Officer Wim Vanhelleputte. "Uganda is the fourth MTN operating market to get listed in Africa."
