KAMPALA – Tycoon Sudhir Ruparelia has pledged to support the Airtel Uganda IPO with a whooping Shs 4 billion.

At a recently convened a meeting with the Indian Business Forum, a segment within the Indian Association of Uganda, to encourage participation in Airtel’s Initial Public Offer (IPO) that concludes today, October 13, Mr. Ruparelia, also the honorary Consul of Nepal to Uganda, pledging to purchase 40,000,000 shares totaling Shs 4 billion.

Airtel Uganda managing director Manoj Murali expressed deep appreciation, stating: “We are truly delighted by the enthusiastic response from the members of the Indian Business Forum. This commitment by Sudhir to the Airtel Uganda IPO underscores the unwavering confidence in our company’s vision and growth potential.”

Sudhir’s pledge follows a recent announcement from Buganda Katikkiro Charles Peter Mayiga, pledging to acquire two million shares on behalf of the Buganda kingdom.

Mumba Kalifungwa, the managing director of Absa bank and the lead transaction advisor for the IPO, shared his insights, stating: “Airtel’s IPO represents a significant investment opportunity in Uganda’s vibrant telecommunications sector. We are excited to be a part of this journey.”

On the other hand, Robert Baldwin, the CEO of Crested Capital and the lead sponsoring broker for the IPO, added: “The interest and support from the Indian Business Forum are a testament to the trust they have in Airtel and the potential of this IPO. We look forward to Listing day on the Uganda Securities Exchange on October 31.”