IPO and Privatization Calendar
This calendar tracks the expected timeline for upcoming IPOs and privatization transactions on BODIVA and through the broader PROPRIV programme. Timelines are based on publicly available information, readiness assessments, and Angola X research. All dates are estimates and subject to change based on market conditions, regulatory approvals, and government decisions.
2026 Expected Activity
| Quarter | Entity | Event Type | Probability |
|---|---|---|---|
| Q2 2026 | Unitel | Pre-marketing / roadshow preparation | High |
| Q3 2026 | Unitel | Book building and IPO subscription | Moderate-High |
| Q3-Q4 2026 | PROPRIV industrial assets | Direct sales / tenders | Moderate |
| Q4 2026 | TVCabo | Strategic sale process launch | Moderate |
2027 Expected Activity
| Quarter | Entity | Event Type | Probability |
|---|---|---|---|
| H1 2027 | Unitel | BODIVA listing (if delayed from 2026) | High |
| H1 2027 | Endiama | Pre-IPO restructuring completion | Moderate |
| H2 2027 | Endiama | BODIVA listing | Moderate |
| H2 2027 | Sonangol | Restructuring milestones | Moderate |
| 2027 | TAAG | Strategic partnership / concession | Low-Moderate |
| 2027 | Aldeia Nova | Divestiture method determination | Low-Moderate |
2028 and Beyond
| Entity | Event Type | Probability |
|---|---|---|
| Sonangol | Potential partial BODIVA listing | Moderate (timing uncertain) |
| Standard Bank Angola | Voluntary listing consideration | Low-Moderate |
| Remaining PROPRIV assets | Various methods | Ongoing |
Key Milestones to Watch
The following events serve as leading indicators for IPO timing:
- Underwriter appointment: When an issuer formally engages lead underwriters, a listing is typically 6-12 months away
- CMC prospectus filing: Regulatory submission signals the offering is in advanced preparation
- Price range announcement: Indicates book building is imminent (typically 2-4 weeks before subscription)
- IGAPE announcements: Government communications on PROPRIV transaction schedules
- BNA monetary policy: Interest rate and FX policy decisions affect market conditions and IPO timing
Completed Listings
For reference, the five equities currently listed on BODIVA:
| Equity | Sector | Current Price |
|---|---|---|
| BFA | Banking | Kz 118,000 |
| BAI | Banking | Kz 100,500 |
| BODIVA SA | Exchange Operator | Kz 55,500 |
| BCGA | Banking | Kz 24,000 |
| ENSA | Insurance | Kz 18,000 |
How to Prepare
Investors should use this calendar to plan their participation strategy:
- Retail investors: Open BODIVA accounts and ensure CEVAMA registration well ahead of offering windows
- Institutional investors: Establish underwriter relationships and complete CMC qualification
- Diaspora investors: Begin documentation and account setup 3-6 months before anticipated offerings
For real-time demand indicators, see the IPO demand tracker. For allocation mechanics, see how shares are distributed.