Angola raises US$329m from oversubscribed Unitel IPO

Details: Manny Pham; Category: Operators; 29 July 2026; 749 views

Angola has raised AOA300.3 billion (US$329 million) after selling a 15% stake in Unitel, with the initial public offering (IPO) of the country's largest telecom operator attracting demand that exceeded the shares available.

The government sold 7.5 million shares in state-controlled Unitel at AOA40,040 per share, the top end of the indicated price range. Investor demand reached AOA362.1 billion, resulting in the offer being oversubscribed by 20.72%.

The IPO attracted 18,571 orders, of which 17,549 were accepted during the subscription period, which ran from 6 July to 24 July.

According to Reuters, Unitel has more than 21 million customers and the IPO forms part of Angola's broader programme to open its state-dominated economy to greater private investment.

Trading in Unitel shares is scheduled to begin on the country's BODIVA stock exchange on 29 July.

The listing is one of a small number of flotations on the Angolan exchange since its first IPO in 2022.

Unitel was previously partly owned by Isabel dos Santos, daughter of former president José Eduardo dos Santos. Following the election of President João Lourenço in 2017, the government nationalised her 25% stake in the operator as part of a broader effort to remove the influence of figures associated with the previous administration.