LONDON, UK: Airtel Africa, a leading provider of telecommunications and mobile money services in 14 African countries, has announced that it plans to list its Uganda subsidiary, Airtel Uganda Limited, on the Uganda Securities Exchange.

The company said that it intends to publish a prospectus and float 8 billion ordinary shares, representing 20% of Airtel Uganda Limited, on the Main Investment Market Segment of the local bourse.

The company said that the listing is part of the requirement under its National Telecom Operator licence, which mandates Airtel Uganda Limited to list at least 20% of its shares on the Uganda Securities Exchange by 16 December 2023. The company also said that the listing will result in meaningful local ownership of Airtel Uganda Limited, with preference to be given to Ugandan investors, and will contribute to the development of the capital markets in Uganda.

The company added that the shares will be offered to retail investors via Airtel Money’s platform, in addition to traditional channels, in an effort to increase retail participation. The proceeds of the offering, net of related expenses, will go to Bharti Airtel Uganda Holdings B.V., a wholly owned subsidiary of Airtel Africa, who is selling the shares.

Airtel Africa is a subsidiary of India’s Bharti Airtel, one of the world’s largest telecommunications companies. Airtel Africa provides mobile voice and data services, mobile money services, and enterprise solutions across 14 African countries. Airtel Africa has over 120 million customers and reported a revenue of $3.9 billion for the year ended 31 March 2023.

Airtel Uganda Limited is the second largest telecom operator in Uganda, with over 10 million subscribers and a market share of 32%. Airtel Uganda Limited offers mobile voice, data, and money services, as well as broadband and enterprise solutions. Airtel Uganda Limited reported a revenue of $262 million for the year ended 31 March 2023.

The company has appointed Absa Bank Uganda Limited as Lead Transaction Advisor, Crested Capital as Lead Sponsoring Broker, Katende Ssempebwa and Company Advocates as the Legal Advisor, and EY as the Reporting Accountant for the listing.

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