BFA’s September 2025 listing – raising USD 241 million with 5x oversubscription and attracting 8,488 new investors to BODIVA in a single offer period – established Angola as the most active IPO market in Sub-Saharan Africa outside of Johannesburg. Five companies now trade on BODIVA’s equity board, up from zero before June 2022, and the government’s target of 10 listings by 2027 no longer looks aspirational. It looks conservative.

Completed Listings

The trajectory is clear. BAI’s 2022 debut proved that a domestic share offering could be executed on BODIVA’s infrastructure. ENSA and BODIVA’s own listing in 2024 demonstrated repeatability. Then BFA detonated any remaining doubts about scale: its USD 241 million raise was the largest share offer anywhere in Africa during 2025, and the 11,000+ orders received during the September 5-25 subscription window represented a level of retail participation that no one in Luanda’s financial community had forecast.

For a full breakdown of the BFA transaction – pricing, allocation, secondary-market performance, and implications – see our BFA IPO deep dive.

The Pipeline: 2026-2028

The Programa de Privatizacoes (PROPRIV) provides the institutional framework for future listings. Designed to transfer 195 state-owned assets to private or mixed ownership, PROPRIV has earmarked several major enterprises for BODIVA listings over the next two to three years.

Confirmed or High-Probability Candidates

Unitel – Angola’s dominant mobile operator with 16+ million subscribers and annual revenues exceeding USD 1 billion. Originally slated for 2025, the Unitel IPO has been pushed to 2026. If priced at comparable telecom multiples, the offering could raise USD 500 million or more, potentially making it the largest African IPO of the year.

Standard Bank Angola – The local subsidiary of Africa’s largest banking group by assets. A 2025 listing timeline has been discussed, though regulatory approvals and minority-stake structuring remain in progress.

Sonangol – The national oil company (Sociedade Nacional de Combustiveis de Angola) is the single most consequential privatisation candidate. The government has indicated a 30% stake sale targeted for 2026. At book value alone, a Sonangol listing would dwarf every prior BODIVA transaction combined and would place Angola’s exchange among the top five in Africa by market capitalisation overnight.

Endiama – The state diamond company (Empresa Nacional de Diamantes), with an expected 2026 listing that would give BODIVA its first mining-sector equity.

What the Pipeline Means for BODIVA

The four candidates above represent a potential combined raise of USD 2-4 billion over 2026-2028 – a transformative volume for an exchange whose total equity market capitalisation currently sits below USD 1 billion. Each listing will bring incremental foreign institutional interest, deepen secondary-market liquidity, and provide the critical mass of tradeable securities needed to support index construction and passive investment products.

Market Context: Why Angola and Why Now

Three structural forces are converging to make Angola’s IPO market viable for the first time.

First, the macroeconomic stabilisation of 2023-2025 – falling inflation, a stabilising kwanza, and rebuilt BNA reserves of USD 15.3 billion – has created the conditions for domestic institutional investors (pension funds, insurance companies) to shift allocations from government bonds into equities. With treasury bill yields declining from 20%+ toward 14-15%, the opportunity cost of holding cash has risen sharply.

Second, PROPRIV provides a regulatory mandate and a political framework. Privatisation via BODIVA is not optional for the entities on the programme list; it is government policy backed by presidential decree. This eliminates the will-they-won’t-they uncertainty that has stalled IPO pipelines in other African markets.

Third, BFA’s success created demonstration effects. The 8,488 new investor accounts opened during the BFA offer period represent a 14.5% expansion in BODIVA’s custody-account base in under a month. These are not speculative day-traders; they are a newly activated class of domestic retail shareholders who will provide a demand base for every future offering.

How to Participate

Both domestic and international investors can subscribe to BODIVA IPOs. The process requires a tax identification number (Numero de Identificacao Fiscal, NIF), a custody account at CEVAMA, and a relationship with a BODIVA-licensed broker-dealer. Retail investors can also participate through the Portal do Investidor for government-related offerings. Our How to Participate guide provides step-by-step instructions for both resident and non-resident investors, including the FX repatriation protections available under Aviso 15/19.