Over 58,000 custody accounts were registered on BODIVA by early 2026, and BAI – as the exchange’s first-ever equity listing in June 2022 – remains the name most widely held by Angolan retail investors. Banco Angolano de Investimentos trades on BODIVA under the ticker BAI at approximately Kz 100,500 per share.
Ownership Structure
BAI’s shareholder register reflects the hybrid public-private model that characterizes Angola’s largest financial institutions. Prior to its IPO, BAI was held by a consortium of Angolan private investors and institutional entities. The June 2022 offering sold a minority stake to the public, with shares distributed through licensed brokers and allocated across institutional and retail tranches.
| Shareholder Category | Estimated Stake | Notes |
|---|---|---|
| Founding / Strategic Shareholders | ~75% | Pre-IPO private investor consortium |
| Free Float (Public) | ~25% | Shares sold via June 2022 IPO and secondary market |
| Institutional Investors | ~15% | Pension funds, insurance companies, SGOICs |
| Retail Investors | ~10% | Individual BODIVA custody account holders |
Source: BAI IPO prospectus and CMC filings. Exact percentages may vary following secondary market transactions.
IPO History
BAI’s initial public offering in June 2022 was priced at Kz 20,640 per share. The listing was the first equity IPO on BODIVA and generated significant public interest, marking a watershed moment for Angola’s capital markets. At the current price of approximately Kz 100,500, the stock has delivered a return of roughly 387% from the IPO price, making it the strongest-performing name on the exchange since inception.
Free Float Analysis
BODIVA listing rules require issuers to maintain a minimum free float (capital flutuante) to ensure adequate secondary market liquidity. BAI’s estimated free float of approximately 25% of total shares outstanding represents the portion available for trading on the exchange. The remaining shares are held by strategic and founding shareholders subject to lock-up provisions or long-term investment horizons.
Free float liquidity is a key consideration for institutional investors sizing positions, as thinly traded sessions can result in significant market impact costs. Average daily trading volumes for BAI have improved steadily since 2022 but remain modest by international standards.
Institutional vs. Retail Participation
The shareholder register has shifted meaningfully since the IPO. Institutional participation has grown as Sociedades Gestoras de Organismos de Investimento Colectivo (SGOICs) – Angola’s licensed fund managers – have built equity allocations, and as pension funds have begun to diversify beyond sovereign debt instruments.
Retail investor numbers have expanded alongside BODIVA’s broader custody account growth. The BAI IPO itself was instrumental in catalyzing public interest in equity investing, with many first-time investors opening BODIVA accounts specifically to participate in the offering.
Regulatory Disclosure Requirements
Under CMC regulations, shareholders crossing the 2%, 5%, 10%, 15%, 20%, 33%, 50%, and 66% ownership thresholds are required to notify both the issuer and the CMC. Material changes in ownership are published as factos relevantes (material facts) on the CMC portal.
For financial performance details, see BAI Financials. For income distribution history, see BAI Dividends.