Airtel revealed it planned to proceed with a public offering of eight billion ordinary shares.

This week, Airtel Uganda announced intentions to list shares on the Uganda Securities Exchange's primary investment market.

Airtel revealed it planned to proceed with a public offering of eight billion ordinary shares, representing twenty percent of Airtel Uganda Limited.

Following Capital Markets Authority of Uganda (CMA) approval, the prospectus will be published.

Airtel stated that, if the CMA approves the prospectus, the offer will be made through the sale of ordinary shares by Bharti Airtel Uganda Holdings B.V. ultimately, a wholly-owned subsidiary of Airtel Africa will receive all of the proceeds of the offering, net of related expenses.

It stated: "The offer is anticipated to result in significant local ownership of Airtel Uganda Limited, with preference given to Ugandan investors, and to contribute to the growth of the capital markets in Uganda.”

In an effort to increase retail participation, the shares will be offered to retail investors via Airtel Money's platform in addition to traditional channels following CMA approval of the prospectus.

Airtel Uganda Limited is mandated by Article 16 of Uganda's National Telecom Operator licence to list at least 20% of its shares on the Uganda Securities Exchange.

The Uganda Communications Commission, Airtel Uganda's primary regulator, has set a deadline of 16 December 2023 for meeting this listing requirement.

Absa Bank Uganda Limited is the Lead Transaction Advisor, Crested Capital is the Lead Sponsoring Broker, Katende Ssempembwa & Company Advocates is the Legal Advisor, and EY is the reporting accountant.