Businessman Sudhir Pledges Shs 4 Billion for Airtel Uganda IPO

On October 8, 2023, Airtel Uganda held a meeting with the Indian Business Forum, a segment of the Indian Association of Uganda, to encourage their participation in the Airtel Uganda Initial Public Offer (IPO), which will conclude on October 13, 2023.

During the meeting, Sudhir Ruparelia, a prominent businessman and the honorary Consul of Nepal to Uganda, pledged to purchase 40,000,000 shares, amounting to Shs 4 billion for the Airtel Uganda IPO.

Airtel Uganda’s managing director, Manoj Murali, expressed his gratitude, saying, “We are very pleased with the enthusiastic response from the members of the Indian Business Forum. Sudhir’s commitment to the Airtel Uganda IPO reflects their unwavering confidence in our company’s vision and growth potential.”

Sudhir’s pledge follows a recent announcement by Buganda Katikkiro Charles Peter Mayiga, who pledged to acquire two million shares on behalf of the Buganda kingdom.

Mumba Kalifungwa, the managing director of Absa bank and the lead transaction advisor for the IPO, commented, “Airtel’s IPO presents a significant investment opportunity in Uganda’s dynamic telecommunications sector. We are excited to be a part of this journey.”

Robert Baldwin, the CEO of Crested Capital and the lead sponsoring broker for the IPO, added, “The interest and support from the Indian Business Forum demonstrate their trust in Airtel and the potential of this IPO. We eagerly await the Listing day on the Uganda Securities Exchange on October 31.”

The event was attended by notable members of the business community, including Velupillai Kananathan, Sri Lanka’s high commissioner to Uganda, and Upender Singh Rawat, the Indian high commissioner to Uganda.

Key Figures at the Event