Angola moves to list Unitel years after seizing the telecom giant from former billionaire Isabel dos Santos

Angola is preparing to take one of its biggest corporate bets to the public markets, as Unitel, the country's largest telecommunications operator and a former crown jewel of Isabel dos Santos' business empire, launches an initial public offering (IPO) that will test investor confidence in the government's reform agenda.

• Unitel, Angola's largest telecom operator, is launching a 15% IPO on the Angola Debt and Securities Exchange (BODIVA), testing investor faith in government reforms.
• The IPO will offer 7.5 million shares, including one million reserved for employees, and is among the largest listings for the young Angolan market.
• Unitel was previously part of Isabel dos Santos' business empire, but the government seized her shares in 2022 during an anti-corruption drive.
• The company serves over 21 million subscribers and holds a majority stake in Banco de Fomento Angola, making the IPO significant for both the telecoms and financial sectors.

Angola is preparing to take one of its biggest corporate bets to the public market, as Unitel, the country's largest telecommunications operator and a former crown jewel of Isabel dos Santos' business empire, launches an initial public offering (IPO) that will test investor confidence in the government's reform agenda.

The state-controlled telecom company has begun marketing a 15% stake through the Angola Debt and Securities Exchange (BODIVA), marking one of the largest listings in the country's young capital market.

The IPO will offer 7.5 million shares, with one million reserved for employees, while trading is expected to begin later this month after the subscription period closes, according to a BillionairesAfrica report.

DON’T MISS THIS: Africa’s largest airline resumes direct flight to one of the U.S.’s most vibrant markets

From private empire to public ownership

Beyond its financial significance, the IPO marks a new chapter for Unitel, a company that was once a key part of Isabel dos Santos' business empire. Dos Santos, who held a 25% stake in the telecom operator through Vidatel, lost her interest in the company after the Angolan government seized the shares in 2022 as part of President João Lourenço's anti-corruption campaign.

Once the dominant force in Angola's telecom industry, Unitel is now entirely state-owned and serves more than 21 million subscribers, maintaining a commanding position in one of Africa's fastest-growing digital markets.

The company also controls a majority stake in Banco de Fomento Angola (BFA), making the IPO significant not only for the telecommunications sector but also for Angola's broader financial system.

For Lourenço, the flotation is a key milestone in ProPriv, Angola's ambitious privatisation programme designed to reduce state ownership of major businesses, deepen the country's capital markets, and attract foreign investment.

Since BODIVA hosted its first IPO in 2022, authorities have sought to transform the exchange into a viable source of long-term capital for domestic companies. A successful Unitel listing would be the strongest signal yet that those efforts are gaining traction.

Once ranked by Forbes as Africa's richest woman with a fortune exceeding $2 billion, dos Santos continues to face multiple legal challenges across Europe. In the United Kingdom, dos Santos lost her bid to overturn a London High Court order freezing up to £580 million ($735 million) of her assets in a dispute with Unitel over defaulted loans. Dos Santos has denied wrongdoing, maintaining that the legal actions against her are politically motivated.