Tycoon Sunil Mittal’s Uganda IPO flops as investors prefer bonds

Indian billionaire Sunil Mittal’s Airtel Uganda Ltd. failed to sell about half of the shares on offer in its initial public offering as investors stayed away, preferring high-yield government bonds.

Airtel said it managed to raise 211.4 billion shillings ($56 million) after selling 54.5% of the 8 billion shares on offer. Retail investors bought just 0.3% of the IPO. Shares were unchanged at 100 shillings on its debut on Tuesday.