Angola Raises $321m in Biggest-Ever IPO with Unitel Float
Angola has raised approximately $321 million through the sale of a 15% stake in Unitel, its dominant mobile operator, marking the country's largest initial public offering (IPO) to date. This listing serves as a significant test for President Lourenco's privatisation program.
Key Points:
- IPO Details: On Monday, Angola sold 7.5 million ordinary shares at a price range of 36,036 to 40,040 kwanzas each. One million shares were allocated to Unitel employees under preferential terms.
- Proceeds: The funds raised will support the Angolan state budget and aim to enhance the country's thin capital market.
- Company Background: Unitel caters to over 21 million customers and controls a substantial stake in Banco de Fomento Angola, making its listing relevant for both sectors.
- Share Ownership History: The 15% public stake originated from the Angolan government's seizure of Unitel from Isabel dos Santos, Africa's richest woman, in October 2022. Dos Santos had previously owned 25% through her company Vidatel.
- Legal Disputes: Dos Santos is facing various legal challenges, including a London court freezing her assets over defaulted loans to Unitel and a Dutch court ruling finding her liable for embezzling from Sonangol.