Angola's Unitel IPO Raises $321 Million in Largest Ever Share Offering

Unitel Angola IPO privatisation $321 million

Angola raised about $321 million by selling a 15 % stake in Unitel, the country's dominant mobile operator, in the biggest initial public offering the nation has ever conducted. The offering comprised 7.5 million ordinary shares priced between 36 036 and 40 040 kwanzas (approximately $39‑$44) and attracted demand that exceeded the supply by roughly 120 times. Of the 17 549 subscription orders received, 16 571 were allocated to 11 264 investors, with a 2 % (one million‑share) portion reserved for Unitel employees on preferential terms. Physical and financial settlement is scheduled for early next week, with trading expected to begin around 29 July.

The proceeds are earmarked for the state budget and to help develop Angola's thin capital market. Unitel serves more than 21 million customers and holds a controlling stake in Banco de Fomento Angola, making the float a proxy for two key sectors. The 15 % stake sold originated from shares seized in 2022 from Isabel dos Santos's vehicle Vidatel and from General Leopoldino Fragoso do Nascimento after President João Lourenço’s 2022 nationalisation drive. The transaction is part of President Lourenço’s broader privatisation programme (Propriv).

Entities: Angola · BODIVA · Isabel dos Santos · João Lourenço · Unitel

Claims

What the coverage asserts, and how well corroborated each claim is across sources.

[○ 1 SOURCE] Trading of Unitel shares is expected to begin around 29 July 2024.
[● 2 SOURCES] Unitel is Angola's largest mobile operator with over 21 million customers and about 70% market share.
[○ 1 SOURCE] Proceeds from the IPO are intended to fund the state budget and develop Angola's capital market.
[○ 1 SOURCE] The stake sold originated from shares seized from Isabel dos Santos and General Leopoldino Fragoso do Nascimento in 2022.
[● 3 SOURCES] Two percent of the shares (one million) were reserved for Unitel employees on preferential terms.
[● 3 SOURCES] 7.5 million ordinary shares were offered at a price range of 36 036 to 40 040 kwanzas each (about $39‑$44).
[● 2 SOURCES] The IPO attracted subscription demand that exceeded supply by approximately 120 times.
[● 3 SOURCES] Angola raised about $321 million by selling a 15% stake in Unitel. (c549dbbd-91f3-4261-a4e1-5e562362ba60, 331c1be2-e9c6-482e-a9b7-21a78a35e8ea, 0c8d4aa4-2f21-464f-9bfd-91941a603320)