Angola has raised 300.3 billion kwanzas (about $329 million) after investors oversubscribed the initial public offering of a 15% stake in Unitel, the country’s largest telecommunications operator, marking a significant milestone in the government’s privatisation programme. According to Reuters, the government sold 7.5 million shares at 40,040 kwanzas per share, the top end of the indicated price range, with investor demand reaching 362.1 billion kwanzas, representing a subscription rate of 120.72%. Unitel, which serves more than 21 million customers, is expected to begin trading on the BODIVA stock exchange on 29 July.
The IPO attracted 18,571 applications, of which 17,549 were accepted during the subscription period that ran from 6 July to 24 July. The offering is one of the most prominent transactions under Angola’s efforts to privatise state assets, deepen its domestic capital market and diversify the economy beyond oil. Unitel came under full state control after the government nationalised the 25% stake previously held by Isabel dos Santos, daughter of former President José Eduardo dos Santos, as part of President João Lourenço’s anti corruption reforms.
The successful offering sends a strong signal of investor confidence in Angola’s reform agenda and the country’s expanding capital markets. For businesses and investors, the oversubscribed IPO demonstrates growing appetite for quality African assets while providing greater liquidity and public participation in one of Angola’s most valuable companies. The transaction is also expected to encourage future listings of major state owned enterprises, supporting broader economic diversification and improving access to long term investment capital.
Looking ahead, Unitel’s listing is expected to strengthen activity on Angola’s stock exchange and pave the way for additional privatisations, including planned listings of strategic state owned companies. The success of the IPO will be closely watched by investors as a measure of Angola’s ability to attract private capital, develop its financial markets and accelerate economic reforms.
