Angola IPO Dashboard
Angola’s IPO market has accelerated rapidly since BODIVA’s first listing in 2022, with five successful offerings completed by late 2024. The privatization program (ProPriv) provides a deep pipeline of future candidates, making Angola one of Sub-Saharan Africa’s most active primary markets.
Completed IPOs
| Company | Date | Amount Raised | Oversubscription | First-Day Return |
|---|---|---|---|---|
| BAI | 2022 | Kz 40.1B (~$44M) | 5.9× | +15% |
| BCGA | 2023 | — | — | — |
| ENSA | Oct 2024 | Kz 12.5B (~$14M) | 1.7× | +8.2% |
| BODIVA | Nov 2024 | Kz 1.3B (~$1.4M) | 7.8× | +12.1% |
| BFA | Sep 2025 | Kz 220.9B (~$241M) | 5.0× | +25% |
Pipeline (Expected 2026-2028)
Key ProPriv privatization candidates for BODIVA listing include:
- Unitel — Angola’s largest telecom operator (potentially the largest African IPO of 2026)
- Sonangol — National oil company (partial listing under consideration)
- TAAG — National airline (post-restructuring)
- Port of Luanda — Concession offering
- Banco Económico — State-owned commercial bank
Market Context
The BFA IPO — raising $241 million with 5× oversubscription — established Angola as a credible IPO destination. The Unitel offering, if executed in 2026, could raise $500M+ and would be transformative for BODIVA’s market depth and liquidity.
Investor Participation
IPOs on BODIVA are open to both domestic and international investors. Retail investors can participate through the Portal do Investidor platform, while institutional investors work through BODIVA-registered broker-dealers. Foreign investors require a Tax Identification Number (NIF) and a CEVAMA custody account.
Part of the Angola Intelligence Network. See also: angola2050.com | ndp2030.com