Unitel, the largest telecommunications provider in Angola, has opened an initial public offering as the government places a 15% stake for sale on the domestic stock exchange as part of its privatization program.
According to the IPO prospectus, the company is offering 7.5 million ordinary shares in total. Of that allotment, 1 million shares are reserved exclusively for Unitel employees.
The prospectus sets a price band between 36,036 kwanzas and 40,040 kwanzas per share, equivalent to about $39.49 at the lower end of the range. The public offering runs from Monday through July 24, with final allocation results slated for July 27. Executives indicated trading on the BODIVA exchange is expected to commence around July 29.
Unitel provides service to more than 21 million customers, and the sale represents a central component of Angola’s effort to attract private capital into an economy historically dominated by state ownership. Since the first listing on BODIVA in 2022, the exchange has seen several flotations as part of the same push.
The company’s ownership history includes a previously held stake by businesswoman Isabel dos Santos, the daughter of former President Jose Eduardo dos Santos. Her 25% share was nationalized under actions taken by the current administration led by President Joao Lourenco, who has moved to remove figures linked to the prior presidency from influential positions.
In 2024, Isabel dos Santos lost an appeal in London’s High Court related to a Unitel lawsuit that resulted in an order freezing up to A3580 million of her assets, a figure reported as A3773.3 million in U.S. dollars. She has denied any wrongdoing.
This IPO is being conducted through Angola’s BODIVA market and is framed by the government as a step toward greater private sector participation in national industries. The timetable, the employee allocation and the price range provided in the prospectus give investors a clear window into the structure and timing of the offer.