Airtel Uganda relied heavily on the country’s pension fund and retail investors to raise Sh8.5 billion in its recently concluded initial public offering (IPO).
Most of the funds came from Uganda’s National Social Security Fund (NSSF), which acquired 4.2 billion shares, giving it a 10.55 percent stake in the telco. In the IPO, which was undersubscribed, individual investors acquired a total of 136 million shares amounting to a 0.34 percent stake in the company. Their stake, including incentive shares they were allotted for free, is valued at about Sh547 million.
