By Gad Masereka
Airtel Uganda recently had a meeting with the Indian Business Forum, the business arm of the Indian Association of Uganda, as part of continuous efforts to engage important investor groups.
The event’s goal was to promote interest in Airtel’s Initial Public Offer (IPO), which will end on October 13, 2023. Businessman Sudhir Ruparelia, who is also the honorary Consul of Nepal to Uganda, promised to buy 40,000,000 shares for a total of Shs 4 billion as the conference came to a close.
Manoj Murali, managing director of Airtel Uganda, expressed sincere gratitude for the Indian Business Forum members’ enthusiastic response, saying, “We are very happy by the response. The dedication of Sudhir to the Airtel Uganda IPO demonstrates his unshakable faith in the mission and future prospects of our business.
The declaration by Buganda Katikkiro Charles Peter Mayiga, who promised to buy two million shares on behalf of the Buganda kingdom, was followed by Sudhir’s offer.
The primary transaction advisor for the IPO and managing director of Absa Bank, Mumba Kalifungwa, offered his perspective on the matter, adding that “Airtel’s IPO represents a substantial investment opportunity in Uganda’s thriving telecoms sector. We are eager to participate in this trip.
The CEO of Crested Capital and the primary sponsored broker for the IPO, Robert Baldwin, noted, however, “The interest and support from the Indian Business Forum are a testament to the trust they have in Airtel and the potential of this IPO. On October 31, we eagerly anticipate listing day on the Uganda Securities Exchange.
Notable members of the business sector attended the event, including Upender Singh Rawat, the Indian high commissioner to Uganda, and Velupillai Kananathan, the Sri Lankan high commissioner.