Angola has raised 300.3 billion kwanzas ($329 million) after selling a 15% stake in state-controlled telecommunications giant Unitel, with investor demand exceeding the shares on offer by more than 20%.
The government sold 7.5 million shares at 40,040 kwanzas each—the top end of the indicated price range—after the offering attracted demand worth 362.1 billion kwanzas, Reuters reported. According to final results released on Monday, the IPO achieved a 120.72% subscription rate, highlighting strong appetite for one of Angola's most valuable state assets.
A total of 17,549 orders were accepted out of 18,571 applications submitted during the subscription period, which ran from July 6 to July 24.
A milestone in Angola's privatisation drive
The Unitel listing is one of the biggest milestones in Angola's ongoing privatisation programme, which aims to reduce the state's role in the economy and attract greater private investment.
