MTN Uganda has kicked off a marketing blitz in Kenya to bolster subscription for its initial public offering (IPO), which opened in mid-October 2021 and closes on November 22.
The $250 million IPO allows citizens of the East African Community member states to invest, with a minimum investment of Ush100,000 (about $28) for 500 shares.
According to MTN, Kenyan investors will require a valid identification national ID or passport to open a Securities Central Depository (SCD) account at the Uganda Securities Exchange (USE) to apply for the MTN Uganda IPO.
South Africa's MTN Group is selling 4.47 billion shares or a fifth of its stake in its Ugandan subsidiary to investors at a price equivalent to Ush200 ($0.06) apiece.
As an incentive, all East Africans who apply for shares will receive 5 bonus shares for every 100 shares they are allocated.
Investors can apply for shares through SBG Securities, a subsidiary of South Africa's Stanbic Holdings Plc and Dyer and Blair, which is the lead retail broker.
