MTN Uganda IPO and Shares: 5 things you should know

After announcing its intentions to list on the Uganda Securities Exchange last week, MTN Uganda is finally ready for launch for an Initial Public Offering(IPO). The Telecom is listing 20% of its ordinary shares, following approvals by the Capital Markets Authority of Uganda (CMA) and the Uganda Securities Exchange (USE) yesterday.

MTN Uganda started operating in 1998. In the first half of 2021, it had 14.9 million subscribers, 8.6 million Mobile Money users and 4.7 million active data users. The Offer and the Listing are being undertaken in accordance with MTN Group’s objective to broaden Ugandan shareholding in MTN and provide an opportunity to Ugandan investors, including MTN’s loyal customers, to own a stake in the Company and participate in its future growth.

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Alright lets dive into it;

When will the offer start and end?

The Offer opened yesterday 11th Oct, 2021 at 10:00 am and will close at 4:00 pm on 22nd November 2021. The announcement of share allocation will be made at 4:00 pm 3rd December 2021. Listing of MTN Shares on the USE and start of trading at 12:00 pm 6th December 2021.

What’s on the offer?

MTN is offering 4,477,808,848 ordinary shares to the public. The Price of one share is UGX 200. The minimum number of shares per application is 500 which is Ugx 100,000. Applications for MTN shares are in batches of 500 each, and there are no limits on how many MTN shares you apply for.

What is the allotment process?

Ugandan individual investors will be considered first in case the number of applications is more that the number of shares offered. Ugandan individuals will receive guaranteed shares up to UGX 5 million with the full number of bonus shares that they are entitled to. If an application is not successful or in case of partial allotment, all payments will be refunded though the same channel, free of charge.

How do you apply for MTN Shares?

First of its kind m-IPO where Ugandans can apply for their shares through their MTN mobile phones from the comfort of their homes.

  • Dial USSD code *165*65# to open SCD account and apply for MTN shares.
  • Visit MyMTN app to open SCD account and apply for MTN shares.
  • All USSD and My MTN app applications are free of any charge.
  • Apply for MTN shares through USE Easy-Portal at
  • Apply for MTN shares through paper application forms by contacting your licensed stockbroker.
  • Detailed prospectus and terms and conditions are available at

What is an SCD account?

SCD is a Securities Central Depository established by law. A Securities Central Depository account is an account on which shares are maintained in the name of the shareholder. Anyone who wants to buy shares must have an SCD account because shares in a listed company cannot held in a physical share certificate. You can open up an SCD account free of charge via MTN Momo by dialing *165*65# and following the prompts or via Uganda Securities Exchange Easy Portal- Once the application is successful, you will receive a notification (via SMS) of your SCD account details.

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Is the MTN Mobile money business included?

In brief, Yes. MTN Mobile Money is 99.99% owned by MTN Uganda and is part of the valuation of MTN Uganda. 0.01 % is held by MTN Group’s Company Secretary in trust for the company.

On 27 November 2020, MTN Uganda established the Mobile Money Company to conduct the business of a payment systems operator for electronic money systems and a payment service provider for electronic money issuance in accordance with the NPS Act, which mandated the segregation of these functions from MTN’s telecommunications operations.

The Mobile Money Company obtained the required licences on 6 May 2021 and, following an operational transition, started conducting the MTN Mobile Money business autonomously with effect from 19 June 2021.

Anything else?

MTN Uganda is offering special incentives for all Ugandan individuals buying MTN Shares. They are giving 5 bonus shares for every 100 shares applied for using traditional application channels. 10 bonus shares for every 100 shares applied for using the m-IPO via USSD or the MyMTN app.

MTN Group is currently the beneficial owner of 96.014% of the issued shares of the Company. Subsequent to the Offer, if fully subscribed, MTN Group will own 76.014% of the Company. MTN Group is expected to continue to be able to exercise control or influence over the Company’s management and affairs.


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