TECH NEWS

Angola just raised $321m selling shares in a telco it seized from Africa’s richest woman

TL;DR

Angola raised about $321 million selling a 15% stake in Unitel, its largest mobile operator, in the country’s biggest ever IPO. The stake traces back to shares seized from Isabel dos Santos in 2022, making the listing the flagship test of President Lourenco’s privatisation programme.

Angola raised roughly $321 million on Monday by selling a 15% stake in Unitel, the country’s dominant mobile operator, in what Bloomberg reported as the largest initial public offering the nation has ever run. The proceeds go towards financing the state budget and, officials hope, towards making Angola’s thin capital market look like a functioning one.

The offering comprised 7.5 million ordinary shares priced between 36,036 and 40,040 kwanzas each, roughly $39 to $44 at prevailing rates. One million of those shares, a 2% stake, were reserved for Unitel employees on preferential terms.

How the sale ran

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