Tycoon Sudhir Ruparelia commits Sh4b to Airtel Uganda IPO 

Kampala, Uganda I HABARI DAILY I In a remarkable show of confidence in Uganda’s business landscape, Sudhir Ruparelia, a prominent figure in the country’s business sector, has made a substantial commitment to support the ongoing Airtel Uganda Initial Public Offering (IPO). 

The business tycoon, who also serves as the honorary Consul of Nepal to Uganda, pledged to purchase a staggering 40,000,000 shares, amounting to Sh4 billion, during a meeting with the Indian Business Forum, a segment within the Indian Association of Uganda.

This substantial pledge by Sudhir Ruparelia underscores the significance of the Airtel Uganda IPO and its potential to transform Uganda’s telecommunications sector. The announcement comes as the IPO draws to a close on October 13, adding momentum to the investment opportunity presented by Airtel’s public offering.

Manoj Murali, the Managing Director of Airtel Uganda, expressed his deep appreciation for Sudhir Ruparelia’s commitment. He noted, “We are truly delighted by the enthusiastic response from the members of the Indian Business Forum. This commitment by Sudhir to the Airtel Uganda IPO underscores the unwavering confidence in our company’s vision and growth potential.”

Sudhir’s involvement is not the only significant pledge made in support of the Airtel Uganda IPO. Buganda Katikkiro Charles Peter Mayiga recently announced his intention to acquire two million shares on behalf of the Buganda kingdom. These commitments from influential individuals and entities emphasize the broad interest and confidence in the potential of Airtel Uganda’s public offering.

Mumba Kalifungwa, the Managing Director of Absa Bank and the lead transaction advisor for the IPO, emphasized the investment opportunity presented by Airtel’s IPO in Uganda’s dynamic telecommunications sector. He stated, “Airtel’s IPO represents a significant investment opportunity in Uganda’s vibrant telecommunications sector. We are excited to be a part of this journey.”

With prominent figures like Ruparelia and Buganda Katikkiro Charles Peter Mayiga actively participating in the Airtel Uganda IPO, it is evident that the public offering has garnered significant attention and trust within Uganda’s investment community. 

As the IPO concludes, all eyes are now on the upcoming listing on the Uganda Securities Exchange, set to be a pivotal moment for Airtel and the country’s telecommunications sector.

Airtel early this week announced an extension of its IPO for 14 days until 27th of October 2023, citing an influx of retail investors in the last few days of the IPO. However, reliable sources intimated to Habari Daily that the firm had failed to realise its targeted subscription.

Birungi, the firm’s publicist said they did not want to lock out any investors, adding that so many people had opened accounts in the last few days, prompting them to apply to the Capital Markets Authority (CMA), which approved the extension

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