Angola Raises $321 Million Through Nation’s Biggest IPO

Unitel offices in Luanda, Angola.

Angola has raised 300.3 billion kwanzas ($321 million) through the sale of 15% stake in state-owned wireless operator Unitel SA, marking the southwest African nation’s biggest initial public offering.

The government sold 7.5 million shares at 40,040 kwanzas a share after the offer was oversubscribed by 21%, the Angola Debt and Securities Exchange said in emailed statement Monday. More than 11,000 investors became shareholders in the nation’s biggest telecommunications company, it said.

Read more: Angola Plans to Privatize 10 Companies Before 2027 Elections

President João Lourenço is seeking to broaden domestic capital markets through a privatization program that includes stakes in state-owned companies.

Unitel, with more than 21 million customers, came under state control in 2022 after authorities seized shareholdings owned by Isabel dos Santos, the billionaire daughter of former President José Eduardo dos Santos, and former army General Leopoldino “Dino” Nascimento.