About 21,394 people in Uganda have become shareholders in MTN Uganda (USE:MTNU) following the conclusion of the company’s Initial Public Offer (IPO).

Investors bought only 64 percent of the shares in the deeply discounted initial public offering (IPO) by MTN Uganda (USE:MTNU), a statement from the company showed late Friday.

MTN Uganda has kicked off a marketing blitz for its Initial Public Offering (IPO) in meetings with Kenyan professional groups and retail investors in Nairobi to bolster subscription.

On Friday October 22, 2021, Allianz, one of the world’s leading insurers and asset managers, became the majority shareholder in Jubilee Insurance Company of Uganda Limited after completing the transaction to acquire a 66% stake in the company from Jubilee Holdings Limited (USE:JHL), East Africa’s largest insurance group. The stake acquired by Allianz represents 29,700,000 ordinary shares of Jubilee Insurance Company of Uganda. JHL will retain a 34% stake, or 15,300,000 ordinary shares, in the company.