MTN Uganda said its initial public offering raised UGX 535.94 billion, less than two-thirds of its target. At least 2.9 billion shares were allotted out of the 4.5 billion shares offered, and the stock starts trading on 06 December.
MTN Group had offered to cut its stake by 20 percent in line with regulatory requirements. The IPO was opened to East African investors, from Uganda, Kenya, Tanzania, Rwanda and Burundi.
Kenya’s National Social Security Fund (NSSF) bought 39.1 million shares for a 0.18 stake, securing sixth place among the top ten shareholders. Uganda national social security fund, Duet Africa Opportunities Master Fund IC, EFG Hermes Oman, First Rand Bank and local pension funds for the Ugandan central bank and tax authority were among other top buyers of stakes in MTN Uganda, according to the statement.
