MTN Uganda's initial public offering raised Sh16.94 billion in December 2021, falling 64% short of its Sh27.6 billion target, according to company disclosures. The telecom operator sold 4.47 billion shares at Ush200 each, aiming to increase local ownership in Uganda's telecommunications sector.
The offering attracted participation from Kenya's National Social Security Fund, which acquired 39.1 million shares, securing a 0.18% stake as the sixth-largest shareholder. MTN Uganda also introduced incentives, including free shares for every 100 units purchased, to boost demand.
A 2018 image accompanying the report showed MTN customer care staff during a data and bundles expo, highlighting the company's long-standing presence in the region. The IPO, initially expected to be Uganda's largest, will list on the Nairobi Securities Exchange on December 7, making MTN Uganda the second East African telecom to trade publicly after Safaricom's 2008 listing.
Kenya-based investment bank Dyer and Blair served as the lead retail broker, though the offering faced challenges in meeting fundraising goals despite regional outreach.
