Angola’s Unitel plans IPO roadshow

Details: Vaughan O'Grady; Category: Investment; 06 July 2026; 276 views

Angola's biggest telecommunications operator, Unitel, is preparing an initial public offering (IPO) of its shares on the local stock exchange and will launch a roadshow next week, according to a company statement.

Angolan government plans to sell its shares in the operator Unitel were reported here last year.

State-controlled Unitel has more than 21 million customers and the IPO is said to be one of the highlights of an ongoing privatisation drive. However, the company has had to deal with a number of issues in the past few years, notably allegations against its former director Isabel dos Santos, daughter of former President Jose Eduardo dos Santos, who has been accused of misappropriating funds while working as a director at the company.

Reuters says the current President Joao Lourenco has moved against powerful figures associated with Jose Eduardo dos Santos; he nationalised the 25% stake in Unitel owned by Isabel dos Santos

It’s not clear what size of stake will be sold on the Bolsa de Dívida e Valores de Angola (BODIVA), the Luanda-based Angola stock exchange. However, some news sources have suggested that the government plans to sell about 15% of Unitel and that a slice of the shares will be set aside for employees.

Details still to be confirmed include the price range, the valuation the government is targeting and the exact date shares will begin trading. This information will apparently follow the roadshow, during which management wil pitch the offer to institutional and retail investors.

Angola has been gradually opening up its state-dominated economy to private investment, with a handful of IPOs on the local stock exchange since the first listing in 2022.

The listing is the centrepiece of Angola's privatisation programme, ProPriv, which aims to reduce the state's grip on strategic industries and bolster a stock market that is said to be small and thinly traded.