MTN said has raised about $150.2 million from the Initial Public Offering (IPO) of its Ugandan unit, which was less than two-thirds of its target.
At least 2.9-billion shares were allotted out of the 4.5-billion shares that were offered, Kampala-based MTN Uganda said in a statement, without providing reasons for the undersubscription.
The stake which Africa’s largest wireless carrier has in the unit was cut to 83.05 percent from 96 percent after the allotment.
It will list on the Uganda Securities Exchange on Monday. The SA group had offered to cut its stake by 20 percent in line with regulatory requirements.
Uganda and Kenya’s national social security funds, Duet Africa Opportunities Master Fund IC, EFG Hermes Oman LLC, First rand Bank and local pension funds for the Ugandan central bank and tax authority were among the top buyers of stakes in MTN Uganda, according to the statement.
The IPO, the first in the country in more than three years, is also the biggest since Umeme raised about $66 million in 2012, according to data compiled by Bloomberg.
On Tuesday, MTN Nigeria opened the public offer for the sale for the 575 million share to retail investors at N169 per share at N21 premium per share for investors.