Ugandan electrical distribution company Umeme, a portfolio company of pan-emerging markets private equity investor Actis, has raised US$66 million through an initial public offering of 38 percent of the company’s total shares. Actis, which acquired 100 percent of Umeme in 2005, retains a post-IPO stake of 60 percent in the company. The offering was targeted at international investors (46 percent of the total offering), East African qualified institutional investors (25 percent), East African retail customers (20 percent) and Umeme employees and directors (9 percent). Umeme’s shares will begin trading on the Uganda Securities Exchange on 30 November 2012, with a float on Kenya’s Nairobi Stock Exchange planned for December 2012.