BFA Launches Angola's Largest-Ever IPO With $239M Share Sale

Daba Finance/Angola Launches Largest-Ever IPO With $200M Banco de Fomento Sale

BREAKING NEWSSeptember 9, 2025 at 9:23 AM UTC

TLDR

The Angolan government has launched the country’s largest-ever initial public offering with the sale of shares in Banco de Fomento Angola (BFA)
The offer, which opened September 5 and runs until September 25, places 4.46 million shares on the market
Shares are being offered between 41,500 and 49,500 kwanzas (€38.4–€45.8) each, with a minimum subscription of five shares

The Angolan government has launched the country’s largest-ever initial public offering with the sale of shares in Banco de Fomento Angola (BFA) on the Luanda-based Bolsa de Dívida e Valores de Angola (BODIVA).

The offer, which opened September 5 and runs until September 25, places 4.46 million shares on the market, representing 29.75% of BFA’s capital. A special trading session on September 26 will determine final pricing, with the shares scheduled to list on September 30.

Shares are being offered between 41,500 and 49,500 kwanzas (€38.4–€45.8) each, with a minimum subscription of five shares. The transaction is structured as a joint divestment under Angola’s privatization program: the state, via Unitel, is selling 15% of its 51.9% holding, while Portugal’s BPI is selling 14.75% of its 48.1% stake.

Proceeds are expected to reach between 93.4 billion and 111.4 billion kwanzas for the state and 91.8 billion to 109.5 billion kwanzas for BPI. About 1% of the shares from each seller have been reserved for BFA employees.

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Key Takeaways

The BFA IPO marks a milestone for Angola’s capital markets as the government accelerates its privatization drive under the PROPRIV program. Nearly one-third of the bank’s capital is being floated, signaling both state exit and deeper private participation in Angola’s financial system. With proceeds of up to €206 million for both sellers, the transaction highlights strong investor appetite for financial sector assets in frontier markets. Early demand suggests robust trading in the opening sessions, with the IPO viewed as a test of liquidity and institutional investor engagement on BODIVA. For Angola, the deal is about more than capital raising. It strengthens the credibility of its reform agenda, provides a benchmark for future listings, and aims to expand the investor base in local markets. Success could encourage further privatizations in banking, energy, and telecoms, positioning BODIVA as a platform for broader corporate funding.

Finance

Angola

Banco de Fomento Angola (BFA)

Bolsa de Dívida e Valores de Angola

BODIVA