ANGOLA · MARKETS
Key Facts
—Roadshow imminent: Unitel said on July 4 it will begin marketing its IPO to investors in the coming days, ahead of a listing on Angola’s BODIVA exchange.
—What is for sale: The state plans to float about 15% of the company, with roughly 2% of the shares reserved for employees.
—The seizure: Angola took full ownership of Unitel in October 2022, stripping the 25% held by Isabel dos Santos through her vehicle Vidatel.
—Scale: At the time of the seizure Unitel counted about 30 million subscribers and roughly 80% of the Angolan mobile market.
—Balance-sheet prep: The operator converted accumulated reserves into share capital of about 250 billion kwanza this year, a classic pre-listing clean-up.
—Political stakes: The sale is the centrepiece of President João Lourenço’s ProPriv privatisation programme. Price, valuation and the first trading date are still to be set.
The Unitel IPO moves to market this week. Angola is starting the roadshow to sell 15 percent of the telecoms giant it seized from Isabel dos Santos, once ranked Africa’s richest woman. The listing on Luanda’s BODIVA exchange is the boldest test yet of President João Lourenço’s privatisation drive.
What the Unitel IPO offers investors
Unitel is Angola’s largest telecommunications company. It said in a statement that it is preparing to float shares locally and will start pitching the offer to investors within days. The government plans to sell about 15 percent.
A slice of roughly 2 percent is set aside for employees, a nod to how thoroughly control has changed hands. Price range, valuation and the first trading date will follow the roadshow.
The flotation would be the largest yet on the Angolan Debt and Securities Exchange, known as BODIVA. Officials describe it as a milestone for the country’s capital markets.
From family empire to state asset
Unitel was built into a dominant carrier under José Eduardo dos Santos, who ruled Angola for 38 years. His daughter Isabel held 25 percent through her investment vehicle Vidatel, alongside a stake held by General Leopoldino Fragoso do Nascimento, known as Dino.
In October 2022 the state seized those private stakes and took full ownership. The company then counted about 30 million subscribers and an 80 percent share of the market.
The operator was long seen as a pillar of the dos Santos business empire. Its scale made it one of the most valuable companies in Lusophone Africa.
The fall of Africa’s first female billionaire
Forbes once ranked Isabel dos Santos as Africa’s richest woman, with a fortune above $2 billion. Her legal troubles have multiplied since her father left power.
A London court froze more than $700 million of her assets in December 2023, in a dispute with Unitel over defaulted loans. In 2025 a Dutch court found her liable for embezzling about $61 million from Sonangol, the state oil company she once chaired.
She denies all wrongdoing and says she is the target of a politically driven campaign. She contests the cases from Dubai, where she lives, and argues her assets were expropriated without due process.
Angola’s bid to build a real capital market
The listing is the flagship of ProPriv, the privatisation programme. It aims to loosen the state’s grip on strategic industries and deepen a stock market that remains small and thinly traded.
Unitel has spent months preparing, converting accumulated reserves into share capital of about 250 billion kwanza to tidy its balance sheet. The privatisation agency says the pipeline could eventually touch scores of state assets.
The company also holds a controlling stake in Banco de Fomento Angola, one of the country’s most profitable banks. Its own partial listing has been moving through the market, making the IPO a test of investor appetite for large Angolan offerings, according to Billionaires.Africa.
Why it matters beyond Angola
President Lourenço has staked much of his reputation on selling state assets, drawing foreign capital and marking a break with his predecessor’s patronage. A strong Unitel debut hands him a visible win; a weak one raises questions about the depth of Angola’s markets.
For the wider Lusophone world, from Lisbon to São Paulo, the sale is a signal case. Here a Portuguese-speaking economy tries to turn seized oligarch wealth into public shareholding, and frontier investors will read the order book closely.
What began as a family-controlled champion is set to become one of the first big names on Angola’s fledgling exchange. Whether investors reward it will say as much about confidence in Lourenço’s reforms as about the company itself.
The offer of shares to ordinary Angolans and to Unitel’s own staff carries symbolism of its own. A company once run for a presidential family is being repackaged as a public asset.
More: Angola news in English, every day from The Rio Times.
Frequently Asked Questions
What is the Unitel IPO?
Angola is selling about 15% of Unitel, its largest telecom operator, on the BODIVA exchange in Luanda. The investor roadshow starts in the week of July 6, 2026, with pricing to follow.
Why did Angola seize Unitel from Isabel dos Santos?
The state took full ownership in October 2022, as part of President João Lourenço’s campaign against alleged corruption under the dos Santos family. Isabel dos Santos denies wrongdoing and calls the campaign political.
How big is Unitel?
At the time of the seizure Unitel had about 30 million subscribers and roughly 80% of Angola’s mobile market. It also controls a stake in Banco de Fomento Angola, one of the country’s most profitable banks.
What is BODIVA?
BODIVA is the Angolan Debt and Securities Exchange in Luanda, the small local market where Unitel’s shares are due to list.
Connected Coverage
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