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DLA Piper Africa, Uganda (S&L Advocates) advises MTN on Uganda’s first telecommunications IPO

DLA Piper Africa, Uganda (S&L Advocates) has advised MTN Uganda Limited (“MTN”), a subsidiary of the South African telecommunications giant MTN Group Limited, on its initial public offering (“IPO”) and listing on the Main Investment Market Segment of the Uganda Securities Exchange (“USE”) (“the Transaction”).  

The Transaction involved an offer for sale by MTN International (Mauritius) Limited of  4,477,808,848 ordinary shares with a par value of UGX 1 each in the share capital of MTN at an offer price of UGX 200 per offer share, pursuant to a prospectus issued on 11 October 2021.

This is the first IPO to take place in Uganda in more than three years and the largest ever public offering in the country. The listing makes MTN the first telecommunications company to undertake an IPO in the country and the second publicly traded telecommunications company in East Africa.

A company committed to driving greater financial inclusion, MTN utilised its leading fintech platforms with subscribers able to conveniently purchase shares through the MTN mobile money platform – marking Uganda’s first partly paperless IPO. Incentive shares were also offered to eligible applicants to increase participation, with priority given in the event of oversubscription to successful Ugandan retail investors and professional investors.

The S&L Advocates team was led by the head of its Corporate and Commercial practice, Gertrude Wamala Karugaba, together with partners Paul Mbuga and Winnie Awino and supported by senior associate Winnie Kyomuhendo and associates Marion Angom and Philbert Mpiirwe. The transaction was further supported by John Stone, a Counsel, from DLA Piper’s London office.

Gertrude Wamala Karugaba said: “We are delighted to have helped MTN to achieve such an important milestone. The listing will significantly broaden MTN Group Limited’s Ugandan shareholding whilst ensuring compliance with the provisions of MTN’s national telecommunications operator license. It builds upon our strong capital markets credentials and experience in the telecommunications sector and we look forward to being part of MTN’s continued growth in the country.”

SBG Securities Uganda Limited acted as transaction adviser and lead sponsoring broker, with Stanbic Bank Uganda Limited acting as the lead receiving bank. KPMG acted as reporting accountant.


Gertrude Wamala Karugaba, Partner, S&L Advocates (DLA Piper Africa, Uganda), [email protected]   

Sarah Wilson, Head of Marketing & Business Development – Africa, DLA Piper, [email protected]