Angola has raised approximately $321 million through the sale of a 15% stake in Unitel, the country’s largest telecommunications operator, marking the biggest initial public offering (IPO) in the nation’s history and a significant milestone in efforts to deepen its domestic capital markets.
The listing represents a major step in President João Lourenço’s privatisation programme, known as PROPRIV, which seeks to increase private sector participation in state linked enterprises, attract investment and expand the role of Angola’s financial markets.
The share offering involved 7.5 million ordinary shares priced between 36,036 and 40,040 kwanzas per share. A portion of the shares was reserved for Unitel employees under preferential conditions, while the broader offering was conducted through financial institutions and investment platforms linked to the Angola Debt and Securities Exchange (BODIVA).
Trading of Unitel shares is expected to begin on BODIVA, providing investors with their first opportunity to determine the market valuation of one of Angola’s most strategically important companies.
Unitel, founded in 2001, has grown into Angola’s leading mobile telecommunications provider, serving more than 21 million customers. Beyond telecommunications, the company has exposure to the financial services sector through its ownership interest in Banco de Fomento Angola, one of the country’s significant banking institutions.
The listing follows a restructuring process in which Unitel converted accumulated reserves into share capital ahead of the public offering. Company officials have described the shares as ordinary voting shares with rights to dividends, allowing investors to participate in the future performance of the business.
The stake offered to investors originates from shares previously held by private shareholders, including Vidatel, an investment vehicle linked to Isabel dos Santos, the daughter of Angola’s former president José Eduardo dos Santos.
In 2022, the Angolan state assumed control of Unitel following legal and administrative actions involving shares previously held by private shareholders. The move formed part of broader efforts by the Lourenço administration to address ownership structures linked to politically connected business interests from the previous era.
Dos Santos, who was once recognised by Forbes as Africa’s wealthiest woman, has disputed legal actions against her and has maintained that assets connected to her businesses were unfairly targeted. Authorities in Angola and other jurisdictions have pursued legal claims involving companies associated with her, while she continues to contest those proceedings.
The Unitel listing places the company at the centre of Angola’s broader economic reform agenda. Government officials have presented the privatisation programme as an opportunity to improve corporate governance, encourage investment and reduce direct state involvement in commercial activities.
However, the success of the offering will also depend on the performance of Unitel shares after trading begins and the extent to which Angola’s capital markets can attract sustained participation from domestic and international investors.
BODIVA remains a developing exchange compared with more established African financial markets, and the Unitel listing is expected to serve as an important indicator of investor confidence in Angola’s ability to support larger public offerings.
For Angola, the transaction represents more than a capital raising exercise. It reflects an attempt to broaden economic participation beyond the country’s traditional dependence on oil revenues by strengthening financial infrastructure and creating new investment opportunities.
Across Africa, governments have increasingly explored listings and privatisation initiatives as tools to mobilise capital, improve efficiency and encourage private sector growth. However, experiences across the continent have varied, with outcomes often influenced by regulatory frameworks, market liquidity and investor confidence.
The Unitel IPO will therefore be closely watched not only as a landmark transaction for Angola but also as a test of how emerging African markets can use domestic capital markets to support economic transformation.
As trading begins, investors will assess Unitel’s commercial performance, governance standards and long term growth prospects. The response of the market will provide insight into the appetite for future listings and the evolving role of African exchanges in financing the continent’s businesses.
