(Bloomberg) -- MTN Group Ltd. said the initial public offering of its Ugandan unit raised 535.94 billion shillings ($150.2 million), less than two-thirds of its target.

At least 2.9 billion shares were allotted out of the 4.5 billion shares that were offered, Kampala-based MTN Uganda Ltd. said in a statement, without providing reasons for the undersubscription.

The stake which Africa’s largest wireless carrier has in the unit was cut to 83.05% from 96% following the allotment. It will list on the Uganda Securities Exchange on Monday. The South African-based group had offered to cut its stake by 20% in line with regulatory requirements.

MTN Group Seeks $1.4 Billion Valuation in Uganda’s Biggest IPO

Uganda and Kenya’s national social security funds, Duet Africa Opportunities Master Fund IC, EFG Hermes Oman LLC, First Rand Bank and local pension funds for the Ugandan central bank and tax authority were among the top buyers of stakes in MTN Uganda, according to the statement.

The IPO, the first in the country in more than three years, is also the biggest since Umeme Ltd. raised about $66 million in 2012, according to data compiled by Bloomberg.

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