IPO Pipeline Tracker — All Upcoming Listings

Five companies have listed on BODIVA since June 2022, raising a combined total led by BFA’s landmark USD 241 million offering in September 2025. The total equity market capitalisation now stands at approximately USD 3.37 billion, and 58,389 custody accounts sit at CEVAMA – the central securities depository. But the pipeline ahead dwarfs everything that has come before. The Programa de Privatizacoes (PROPRIV) has earmarked several of Angola’s largest state-owned enterprises for partial or full listing on BODIVA over the next two to three years, with an aggregate potential raise in the range of USD 2-5 billion.

This page tracks every confirmed, probable, and speculative IPO candidate, updated as official announcements, regulatory filings, and credible reporting emerge.

Pipeline Summary

Tier 1: Confirmed / High-Probability Candidates

Sonangol – Sociedade Nacional de Combustiveis de Angola

Sonangol is the single most consequential name in the pipeline and, by some measures, the most anticipated IPO in Sub-Saharan Africa. Angola’s national oil company controls the country’s petroleum concessions, operates refining and distribution assets, and historically served as a conglomerate spanning real estate, banking, aviation, and telecoms before a restructuring programme began in 2018 under then-CEO Carlos Saturnino.

The government has indicated that a 30% equity stake could be offered through BODIVA. At estimated valuations of USD 10-15 billion for the consolidated entity, a 30% sell-down would represent a raise of USD 3-4.5 billion – an order of magnitude larger than the BFA offering and sufficient to catapult BODIVA into the ranks of Africa’s top five exchanges by market capitalisation. However, the listing requires completion of Sonangol’s corporate restructuring, audited IFRS-compliant financial statements, and resolution of subsidiary divestments that remain ongoing. Realistic timelines point to 2027 or 2028 rather than 2026. For comprehensive coverage, see our dedicated Sonangol IPO tracker.

Endiama – Empresa Nacional de Diamantes

Endiama, the state diamond company, would give BODIVA its first mining-sector equity. Angola is Africa’s third-largest diamond producer by value, and Endiama holds participation interests across the country’s major kimberlite and alluvial mining operations, including the Catoca mine – one of the world’s largest diamond mines by output.

Government statements have targeted a 2026-2027 listing window. The expected structure is a partial sell-down of the state’s stake, potentially combined with a primary capital raise to fund expansion of the Luaxe deposit, which geological surveys suggest could be among the richest kimberlite pipes ever discovered. Estimated raise: USD 300-600 million, depending on valuation methodology and the percentage of equity offered.

Key milestones remaining: appointment of international financial advisors, completion of an independent reserve valuation, IFRS audit of consolidated accounts, and CMC (Comissao do Mercado de Capitais) prospectus approval. The diamond sector’s cyclical pricing – particularly the disruption caused by lab-grown diamonds – introduces valuation uncertainty that may complicate book-building.

Unitel – Angola’s Dominant Telecoms Operator

Unitel commands over 16 million subscribers and annual revenues exceeding USD 1 billion, making it Angola’s largest private-sector enterprise by revenue. Originally slated for a 2025 BODIVA listing, the Unitel IPO was delayed due to ongoing ownership disputes related to the seizure of Isabel dos Santos’s assets and the subsequent state custodianship of her 25% stake.

The company’s remaining ownership is divided between Sonangol (25%), Oi/PT Ventures (25%), and Vidatel/Leopoldino do Nascimento (25%). Resolution of the ownership structure – specifically, clarifying what percentage of equity will be offered and by which shareholders – is the binding constraint. If resolved, a 2026 listing is achievable, and at comparable emerging-market telecom multiples (4-6x EV/EBITDA), the offering could raise USD 500 million or more, making it the largest African telecom IPO in years.

Unitel’s listing would be significant beyond its size. As an operator with nationwide mobile-money infrastructure, Unitel’s public-market data would provide the first transparent window into Angola’s consumer digital economy.

Standard Bank Angola

The local subsidiary of Johannesburg-based Standard Bank Group – Africa’s largest bank by assets – has been discussed as a near-term BODIVA candidate. The expected structure is a minority-stake offering, potentially 15-25% of equity, that would provide domestic investors with exposure to a bank backed by a continent-wide franchise.

Standard Bank Angola’s advantage is governance simplicity: unlike state-owned candidates, it already operates under international banking standards and publishes audited financials. The primary question is pricing – whether Luanda’s market will assign a premium or discount relative to the parent’s JSE valuation – and whether the parent board in Johannesburg sees a BODIVA listing as strategically valuable for the subsidiary’s local franchise. Timeline estimates range from late 2026 to 2027, contingent on CMC regulatory review and internal group approvals.

Tier 2: Probable but Longer-Dated Candidates

TAAG – Linhas Aereas de Angola

Angola’s national airline has been included in the PROPRIV framework, though aviation privatisations are among the most complex transactions in any market. TAAG operates domestic and regional routes with a fleet that has undergone partial modernisation, but the airline’s financial accounts, fleet-lease obligations, and route profitability require extensive restructuring before an IPO-ready prospectus could be assembled.

Government rhetoric has been supportive – TAAG is frequently mentioned alongside Sonangol and Endiama in PROPRIV announcements – but no financial advisors have been publicly appointed, and no indicative timeline has been committed beyond “medium-term.” A realistic assessment places any TAAG listing in 2027 or later. Estimated raise: USD 50-150 million, depending heavily on the scope of pre-IPO restructuring and whether the offering includes a strategic investor tranche.

Aldeia Nova

Aldeia Nova is a state-backed agribusiness project in Malanje province, focused on poultry, dairy, and cereal production. Its inclusion in the PROPRIV list reflects the government’s objective to diversify BODIVA beyond financial-sector and extractive-industry listings, giving the exchange exposure to Angola’s agricultural economy.

The company is smaller than the other pipeline candidates, and any offering would likely be modest in size – perhaps USD 30-80 million. The listing would, however, serve a strategic purpose: demonstrating that BODIVA’s equity market can accommodate mid-cap agribusiness companies, which could attract further agricultural enterprises to consider public listings.

TvCabo

TvCabo, Angola’s largest fixed-line broadband and pay-TV provider, is a PROPRIV candidate whose listing would add a media and telecommunications infrastructure name to BODIVA’s board. The company provides fibre-optic internet, cable television, and corporate connectivity services in Luanda and several provincial capitals. Pre-IPO preparation – including financial audit, regulatory alignment, and subscriber-base verification – is understood to be underway, though no formal timeline has been announced.

What the Pipeline Means for BODIVA

The combined pipeline represents a potential USD 3-5 billion in new equity listings over 2026-2028, against a current total market capitalisation of USD 3.37 billion. If even half of the Tier 1 candidates list within the expected windows, BODIVA’s equity market would more than double in size, with transformative implications for liquidity, index construction, and Angola’s eligibility for frontier-market index inclusion.

Each new listing also compounds the retail investor base that BFA’s IPO activated: the 8,488 new accounts opened during BFA’s subscription period represent investors who are now primed for future offerings. As the pipeline converts to actual listings, the number of custody accounts at CEVAMA – currently 58,389 – could plausibly exceed 100,000 by 2028.

How We Track the Pipeline

Angola X monitors official government gazettes (Diario da Republica), CMC regulatory filings, BODIVA announcements, PROPRIV commission reports, and credible financial media for pipeline developments. Status updates are reflected on this page as they emerge. For guidance on how to position ahead of upcoming listings, see How to Participate in an Angola IPO.