MTN Uganda has unveiled plans to launch an Initial Public Offering (IPO), aiming to sell a 20% stake to investors across East Africa, including Kenya, Uganda, Tanzania, Rwanda, Burundi, and South Sudan.
The company received approval in July 2020 to list 20% of its equity on the Ugandan Securities Exchange, with the Capital Markets Authority (CMA) estimating the offering could raise approximately $1.2 billion.
The IPO is projected to increase retail investor numbers on the exchange from 40,000 to 200,000, positioning MTN Uganda as the second publicly traded telecom in the East African Community after Safaricom's 2008 listing on the Nairobi Securities Exchange.
With 15 million subscribers, MTN Uganda secured a 12-year operating license in February 2020 following a $100 million payment, which included the local listing requirement as a condition for renewal.
