The Effect of Initial Public Offer on the Stock Exchange Market in Uganda a Case Study of National Insurance Corporation ( Nic) Ltd

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The Effect of Initial Public Offer on the Stock Exchange Market in Uganda a Case Study of National Insurance Corporation ( Nic) Ltd THE EFFECT OF INITIAL PUBLIC OFFER ON THE STOCK EXCHANGE MARKET IN UGANDA A CASE STUDY OF NATIONAL INSURANCE CORPORATION ( NIC) LTD SUBMITTED BY MUGALULA SMUTS BBA/32433/102/DU A RESEARCH DISSERTATION SUBMITTED TO THE COLLEGE OF ECONOMICS AND MANAGEMENT SCIENCES IN PARTIAL FULFILMENT OF THE REQUIREMENTS FOR THE AWARD OF BACHELORS DEGREE IN BUSINESS ADMINISTRATION (FINANCE AND BANKING OPTION) OF KAMPALA INTERNATIONAL UNIVERSITY APRIL 2013 DECLARATION I Mugalula Smuts do hereby declare that the information contained in this research proposal is from my own findings and it has never been presented by anyone in any university or any other training institution. Signature .... ~.~!:~!:'::!. ...... Mugalula Smuts Date ..... ~-!:. !.~. ~/ .' . ~............. APPROVAL I certify that this research has been done by MUGALULA SMUTS BBA/32433/102/DU under my supervision and is now ready for submission to the college of economics and management sciences of Kam ala international university for examination. Signature ............... ................ RUTEGANDA MICHEAL Date ... .9. .~. .\~ . r. ..\ \3. .......... ii DEDICATION First, to God the almighty for giving me life, strength and courage throughout my education career, to my noble hearted and phenomenal mum Mrs. Halima Namakula and big sister Christine Namutebi for their tremendous job and guidance through out the battle. Also to my other siblings Nancy, Erias, Ephraim, Harry, Charity and Hope; a great family to reckon with. Lastly to all my beloved friends for their wonderful assistance rendered to me in all aspects. God bless you all iii ACKNOWLEDGEMENT My sincere appreciations first and foremost go to the almighty God, my parents for the financial and moral support toward the completion of my research. I also appreciate the efforts, encouragements and guidance of my supervisor RUTEGANDA MICHEAL for his tireless support for the success of this project. Great thanks to my friends and entire classmates for their encouragement in the entire course studies. iv TABlE OF CONTENTS APPROVAL ................................................................................................................ii LIST OF TABLES ....................................................................................................... 1 LIST OF ABBREVIATIONS ......................................................................................... 2 CHAPTER ONE ....................................................................................................... 4 INTRODUCfiON ....................................................................................................... 4 I .0 Introduction ....................................................................................................... 4 I Background of the case study ................................................................................. 4 1.3 Statement of the problem ................................................................................... 7 1.4 Scope of the study .............................................................................................. 8 1.5 General objective of the study ............................................................................. 8 1.5.1 Specific objectives ........................................................................................... 8 I 6 Research questions ............................................................................................. 8 I .7 Significance of the study ..................................................................................... 8 1.8 Conceptual framework .......................................................................................10 CHAPTER TW0 ..................................................................................................... 11 LITERATURE REVIEW .............................................................................................. 11 1.0 Introduction ................. , .................................................................................... 11 2.1 Definition of initial public offer ............................................................................ ll 2.2 History of Uganda stock exchange (USE) ............................................................ 11 2.3 Requirements for listing on stock market ............................................................ 13 2.4 Effect of NIC Share on the Ugandan market ........................................................ 15 2.5 Potential risk exposures arising out of an IP0 ...................................................... 16 2.5.1 Regulatory risks .............................................................................................. 16 2.5.2 Shareholder related risks ................................................................................. 17 2.6.3 Counterparty risks .......................................................................................... 17 2.6.4 Employee risks ............................................................................................... 17 2.7 Ways of Mitigating or Transferring the Risk ......................................................... 18 v CHAPTER THREE .................................................................................................. 19 RESEARCH METHODOLOGY ..................................................................................... 19 1.0 Introduction ...................................................................................................... 19 3.1 Research design ................................................................................................ 19 3.2 Research population ..........................................................................................19 3.3 sample size .......................................................................................................19 3.4 sampling techniques ..........................................................................................20 3.4.1 Questionnaires method ................................................................................... 20 3.4.2 Interviewing Method .......................................................................................20 3.5 Data Processing and Analysis .............................................................................20 3.6 Limitations of the Study ..................................................................................... 21 CHAPTER FOUR ....................................................................................................22 DATA PRESENTATION ANALYSIS AND DISCUSSION .................................................. 22 4.0 Introduction ......................................................................................................22 CHAPTER FIVE .....................................................................................................29 SUMMARY, CONCLUSIONS AND RECOMMENDATIONS ............................................... 29 5.0 Introduction ......................................................................................................29 5.1 Background Information .................................................................................... 29 5.2 Effects of Initial Public Offer to the stock market in Uganda a case study of NIC Ltd ..............................................................................................................................29 5.3 Discussion .........................................................................................................29 5.4 Recommendations .............................................................................................30 5.5 Conclusion ........................................................................................................31 5.6 Recommended areas for further study ................................................................ 33 REFERENCES ........................................................................................................34 APPENDIX 1 ............................................................................................................36 vi (a)INTERVIEW GUIDE .............................................................................................36 b) QUESTIONNAIRE ................................................................................................37 APPENDIX 11 ..........................................................................................................40 THE RESEARCH ESTIMATED BUDGET ...................................................................... .40 APPENDIX III ..........................................................................................................42 RESEARCH TIME FRAME WORK .............................................................................. .42 vii liST OF TABLES Table 1 :Gender of respondents .......................................................................................... 22 Table 2: Ages of Respondents ........................................................................................... 23 Table 3: The experience of the respondents ....................................................................... 23 LIST OF FIGURES Figure 1: Designations of Respondents ............................................................................... 24 Figure 2: whether there is risk involved in IPO ................................................................... 25 Figure 3: Whether IPO Has Impact on Stock Market.. .........................................................
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