Sunil Mittal: Airtel said it managed to raise 211.4 billion shillings ($56 million) after selling 54.5% of the 8 billion shares on offer. Retail investors bought just 0.3% of the IPO. Shares were unchanged at 100 shillings on its debut on Tuesday.
Investors may have opted for less risky government securities while disregarding the future value of the stock, the Uganda Security Exchange's Chief Executive Officer, Paul Bwiso, said in the nation's capital, Kampala, Bloomberg reported. Get more IPO News and Business News on Zee Business.
Airtel said it managed to raise 211.4 billion shillings ($56 million) after selling 54.5% of the 8 billion shares on offer. Retail investors bought just 0.3% of the IPO. Shares were unchanged at 100 shillings on its debut on Tuesday.
Indian billionaire Sunil Mittal’s Airtel Uganda Ltd. failed to sell about half of the shares on offer in its initial public offering (IPO), as investors stayed away, preferring high-yield government bonds, a media report said.