The Umeme Initial Public Offering (IPO) drive has gone to upcountry Uganda to draw more local participation in the Ushs171bn sale of shares in Uganda’s main electricity utility company.

Umeme announced today that the IPO Transaction Team consisting of Stanbic Bank, African Alliance and the Umeme senior management team, would be conducting roadshows in Gulu, Lira, Masaka, Mbarara, Mbale, Jinja, Kasese and Hoima to give residents there more information on the share purchase process.

Umeme’s Henry Rugamba

“We have received numerous queries from interested buyers and investors upcountry in the one week since we announced the IPO. The objective of this IPO is to give Ugandans a chance to own part of Umeme and share in its successes now and in the future, so it made a lot of sense for us to go to the people upcountry and tell them first hand how to buy shares, and the benefits they will enjoy,” said Henry Rugamba, Umeme Head of Communications.

The IPO opened on October 15, with an offer of 622,378,000 shares, which constitutes 38.3% of the Company’s issued share capital upon listing. The IPO closes on November 7, and will target East African retail customers as well as Ugandans.

“It is important to note that Ugandans have been given first offer, and the best way to ensure that we take this opportunity is by taking it to where the people are. The roadshows are one way of doing so, and we will use other avenues as well over the next two weeks,” Rugamba said.

The upcountry roadshows are being organised by District Chambers of Commerce in conjunction with Stanbic Bank and Umeme branches upcountry.

The Umeme IPO share price is Ushs275 per share. 20% of the offer shares have been allocated to East African retail customers, 25% to qualified institutional investors in the East African Community, and 46% to international investors. Umeme employees and directors have been allocated 9% of the total offer shares.