LUANDA, ANGOLA — Angola’s state-controlled telecommunications giant, Unitel, has successfully secured $329 million through its initial public offering (IPO), marking a significant milestone in the nation’s privatisation agenda and a boost to its capital markets.
The IPO, which surpassed its initial target of $320 million, saw 7. 5 million shares sold at the top end of the price range, 40,040 kwanzas each, resulting in a 120. 72% subscription rate.
This overwhelming investor interest, with demand reaching 362. 1 billion kwanzas, underscores the strong appetite for one of Angola’s most valuable state assets.
The sale of a 15% stake in Unitel is part of Angola’s broader privatisation programme, known as PROPRIV, which aims to reduce the state’s role in the economy and attract private investment.
The government’s push for economic diversification, which has long relied on oil revenues, is gaining traction with this landmark transaction.
The IPO is Angola’s largest to date and is expected to deepen the country’s capital market, encouraging more companies to consider public offerings.
The strong investor response also indicates growing confidence in Angola’s economic reforms, despite ongoing macroeconomic challenges. Unitel, the largest telecom operator in Angola with over 21 million subscribers, has been a significant player in the country’s economy. Its IPO is particularly notable as it involves shares previously owned by Isabel dos Santos, daughter of former President José Eduardo dos Santos, which were seized in a 2022 asset-recovery action.
Trading of Unitel shares is scheduled to commence on the BODIVA stock exchange on July 29, 2026, providing a platform for further privatisations and potentially attracting international investors to Angola’s capital markets.
The success of the Unitel IPO is a positive signal for Angola’s economic future, demonstrating the government’s commitment to privatisation and economic diversification. It also suggests that Angola is open for business and ready to embrace private sector investment.
*Additional reporting by ImNews | Sources consulted: 5*
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This original article was produced by the ImNews editorial team
Source: Africa.businessinsider
Source: Adekunle Agbetiloye
