Airtel Uganda has doubled the number of bonus shares on offer as the operator looks to boost interest in its initial public offering (IPO).

The IPO is due to close today (27 October).

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Back in August, Airtel Uganda announced plans to float a 20 percent stake in the company via an IPO to be listed on the Uganda Securities Exchange (USE).

Airtel is selling 20 percent of its equity in a move aimed at raising 800 billion Ugandan shillings ($213 million).

The operator said that the offer will give preference to Ugandan investors, with a listing to be carried out by December 16 in accordance with the terms of its National Telecommunications Operator (NTO) license.

“The offer is expected to result in meaningful local ownership of Airtel Uganda Ltd, with preference to be given to Ugandan investors, and to contribute to the development of the capital markets in Uganda,” said Airtel Africa at the time.

Airtel was given a 12-month extension to list its shares after initially missing the deadline last December. Its domestic rival MTN Uganda carried out its own share listing back in 2021.

The result of the IPO is expected on November 5.