Angola's largest telecommunications operator, Unitel, has launched an initial public offering (IPO), with the government selling a 15% stake on the local stock exchange as part of its wider privatisation programme.
The public offer opened on Monday and will remain open until 24 July 2026. The government aims to raise about 294 billion kwanzas (about $320 million) through the flotation.
The offering comprises 7.5 million ordinary shares priced between 36 036 kwanzas and 40 040 kwanzas each. One million shares, representing a 2% stake, have been reserved for Unitel employees under preferential conditions, while the remaining 6.5 million shares are available to public investors.
The IPO follows the government's 2022 nationalisation of a 25% stake previously held by Vidatel, a company controlled by billionaire Isabel dos Santos, daughter of former Angolan president José Eduardo dos Santos. The sale also forms part of Angola's broader PROPRIV programme, which aims to reduce state ownership of businesses and attract private investment.
Executive Chairman of Unitel, Aguinaldo Jaime, said in the offer prospectus: "The offer is promoted by the Offeror, acting within the framework of Angola's privatisation programme. The offer concerns ordinary, nominative, book-entry shares of Unitel, S.A., with equal rights, including voting and dividend rights."
During the subscription period, investors may submit purchase orders through authorised financial intermediaries, including banks, brokerage firms and digital investment platforms.
The intermediaries will forward orders to the Angola Debt and Securities Exchange (BODIVA), which will oversee the allocation and settlement process.
A special stock exchange session is scheduled for 27 July to determine the final allocation. The results will be published on BODIVA's website, with trading expected to begin on or about 29 July 2026.
Unitel serves more than 21 million customers and is Angola's largest mobile operator. The listing is one of the country's biggest privatisation transactions to date and is expected to test investor appetite for large-scale state asset sales.
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