 in an initial public offering, making it the nation’s biggest){kind=link}
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Airtel Uganda Ltd. plans to raise as much as 800 billion shillings ($216 million) in an initial public offering, making it the nation’s biggest share sale.
The company priced its IPO at 100 shillings apiece valuing the nation’s second-biggest telecommunications carrier at 4 trillion shillings.
The unit of Airtel Africa Plc is selling a 20% stake, or 8 billion shares, on the Uganda Securities Exchange to fulfill a regulatory requirement.
The offer opens on Wednesday and closes on Oct. 13, according to a prospectus released in the capital, Kampala, on Tuesday. The company will start trading on the exchange on Oct. 31.
Uganda has asked telecommunications companies to sell at least 20% on its bourse to increase local shareholding and deepen its capital markets.
If Airtel Uganda reaches its IPO target, it will become Uganda’s biggest company by market value.