Umeme starts trading after successful IPO
Shares in Uganda’s electricity distributor, Actis-backed Umeme, have begun trading on the Uganda Securities Exchange (USE). Uganda’s Vice President, Hon. Edward Ssekandi rang the bell on the IPO at a special event at the Kampala Sheraton, to which the USE had relocated for the day. The stock closed at a weighted average price of Ugandan shillings 275, unchanged on the offer price.
The IPO of Umeme, which has been an Actis investment since 2005, was oversubscribed by 37%, with particular demand from East African institutions and Ugandan retail customers. The offering, which closed on 7 November, is one of the largest ever in the Ugandan market, and Umeme will become the first company to cross list from Uganda to Kenya, with an expected listing on the Kenyan Stock Exchange in mid-December.