The largest IPO ever carried out on the Angolan Stock Exchange (BODIVA – Bolsa de Dívida e Valores de Angola) began on Friday, September 5. The initial public offering (IPO) of Banco de Fomento Angola (BFA), part of the government’s privatization program (PROPRIV), will place 4.46 million shares on the market, representing 29.75% of the bank’s share capital.
The public offering will run until September 25, with a special trading session scheduled for the 26th to determine the results and set the final price. The official listing of the shares on BODIVA will take place on September 30.
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The share price has been set within a range of 41,500 to 49,500 kwanzas (€38.4 to €45.8) per share. The minimum subscription is five shares, while the maximum allowed reaches 1,499,999 shares.
The operation is structured as a joint divestment. The Angolan State, through Unitel, is selling 15% of its majority 51.9% stake, while Portuguese group BPI is offering 14.75% of its 48.1% holding. In total, the shares available represent 29.75% of BFA’s share capital and voting rights.
From this transaction, the State is expected to raise between 93.4 and 111.4 billion kwanzas (€87.3 to €104.2 million). BPI, in turn, is projected to receive between 91.8 and 109.5 billion kwanzas (€85.8 to €102.4 million). A portion of the shares, equivalent to 1% of the State’s stake (150,000 shares), has been reserved for BFA employees, complemented by another 1% sold by BPI.
According to early market observations, the preparatory phase attracted strong investor interest. The first trading sessions are expected to be particularly active, reflecting the strategic importance of this transaction for Angola’s capital markets.
The IPO of BFA was approved by the Capital Markets Commission (CMC) on August 15. Each share has a nominal value of 6,000 kwanzas, and the total shares offered represent nearly one-third of the bank’s share capital.
