Angola’s equity market is young – the first listing on BODIVA occurred in June 2022 – and the rules, procedures, and conventions that more established exchanges take for granted are still unfamiliar to most prospective investors. The BFA IPO in September 2025 brought 8,488 new investors into the market for the first time, and many of the questions below were asked thousands of times during that subscription period. This FAQ compiles the answers in one place, covering participation mechanics, costs, allocation rules, foreign access, tax, and the relationship between BODIVA’s IPO pipeline and the government’s privatisation programme.
Participation Basics
1. How do I participate in an Angolan IPO?
You need three things: a tax identification number (Numero de Identificacao Fiscal, or NIF), a custody account at CEVAMA (Angola’s central securities depository), and a relationship with one of BODIVA’s 16 licensed broker-dealers. During the subscription period – called the oferta publica de venda – you place an order through your broker specifying the number of shares you want. After the window closes, allocation is determined and shares are settled to your CEVAMA account. For the full step-by-step process, see our How to Participate guide.
2. What is the minimum investment?
Minimum subscription amounts are set by each IPO’s prospectus and vary by offering. For the BFA IPO, the minimum retail subscription was 1 share at Kz 49,500 – approximately USD 54 at prevailing exchange rates. Some earlier offerings had higher minimums. The prospectus for each new IPO will specify the minimum order size for both retail and institutional tranches.
3. Can I participate with a small amount of money?
Yes. Angola’s IPO process has been deliberately designed to accommodate small retail investors alongside institutions. The 8,488 new accounts opened during the BFA IPO included many first-time investors with modest subscriptions. The minimum per-share price determines the effective entry point, and for offerings priced in the tens of thousands of kwanza, participation is accessible to a broad segment of the population.
4. How long is the subscription window?
Subscription periods have typically lasted 15 to 21 days. The BFA IPO subscription window ran from September 5 to September 25, 2025 (21 days). The exact dates are set in the CMC-approved prospectus and announced publicly before the window opens.
5. Where do I place my subscription order?
Through one of BODIVA’s 16 licensed broker-dealers. Most of Angola’s major commercial banks operate brokerage subsidiaries that can process IPO orders. Some brokers also accept orders through the Portal do Investidor, BODIVA’s digital investment platform. You cannot subscribe directly with BODIVA or CEVAMA – a broker intermediary is required.
Allocation and Oversubscription
6. What happens if the IPO is oversubscribed?
Every completed BODIVA IPO has been oversubscribed, with ratios ranging from 1.7x (ENSA) to 7.8x (BODIVA’s own listing). When demand exceeds supply, pro-rata allocation is applied: each subscriber receives a proportional fraction of their order. For example, if you ordered 10 shares in a 5x oversubscribed IPO, you would receive approximately 2 shares. The unallocated portion of your funds is returned after settlement.
7. How is allocation determined between retail and institutional investors?
Most IPO prospectuses define separate allocation pools (tranches) for retail and institutional investors. The split varies by offering but has typically allocated 30-50% to retail and 50-70% to institutional subscribers. Within each tranche, pro-rata scaling is applied based on total demand. Institutional tranches may also include cornerstone allocations – pre-agreed commitments from anchor investors – that are filled before the remaining pool is distributed.
8. Can I increase my chances of getting a full allocation?
There is no guaranteed way to receive a full allocation in an oversubscribed offering. However, some investors submit orders for more shares than they actually want, anticipating the pro-rata reduction. This is common practice but carries risk: if the IPO is less oversubscribed than expected, you could receive (and be required to pay for) more shares than intended. Order sizing should be calibrated to a realistic oversubscription estimate.
Timeline and Settlement
9. How long after the subscription window closes do I receive my shares?
Allocation is typically determined within 2-5 business days after the subscription window closes. Settlement occurs on a T+2 basis (two business days after allocation). Shares are credited to your CEVAMA custody account, and excess funds from partial allocation are returned to your brokerage account. For the BFA IPO, settlement occurred on September 29 and trading began on September 30.
10. When can I sell my shares after an IPO?
Shares become tradeable on BODIVA’s equity board on the first trading day after settlement. There is no mandatory holding period for retail investors in BODIVA IPOs to date. You can sell on day one if you choose. However, institutional investors or selling shareholders may be subject to lock-up periods specified in the prospectus – typically 90 to 180 days – during which they agree not to sell their holdings.
11. Are there lock-up periods?
Lock-up provisions vary by offering and investor category. Selling shareholders (typically the state or existing owners disposing of their stakes) are frequently subject to lock-up periods on any retained shares, preventing additional selling pressure in the immediate post-IPO period. Retail IPO subscribers have not been subject to lock-ups in any BODIVA offering to date, though future prospectuses could introduce different terms.
Costs, Fees, and Taxes
12. What fees are involved in subscribing to an IPO?
The primary costs are:
- Brokerage commission: Typically 0.25-0.50% of the subscription value
- CEVAMA custody fee: A small annual/quarterly charge for maintaining your custody account
- Secondary-market trading fee: Approximately 0.10-0.15% of trade value (applies when you buy or sell on the open market, not at IPO subscription)
Some brokers waived or reduced commissions during the BFA IPO to attract new clients. Fee schedules vary by broker, so it is worth comparing before selecting one. For a detailed breakdown, see the BODIVA fees page.
13. What taxes apply to IPO gains?
Capital gains on BODIVA-listed equities are subject to Imposto sobre os Ganhos de Capital (capital gains tax). Dividend income is subject to a withholding tax (Imposto sobre a Aplicacao de Capitais). Current tax rates and any applicable exemptions – including incentives that have been discussed for early-stage equity-market participants – are detailed in our tax regulation guide. Non-residents should also consider the tax treatment in their home jurisdiction, as Angola has a limited network of double-taxation treaties.
Foreign and Diaspora Investors
14. Can foreign investors participate in Angolan IPOs?
Yes. Non-resident investors – both foreign nationals and Angolan diaspora – can participate, subject to obtaining a NIF, opening a non-resident brokerage account with a BODIVA-licensed broker, and registering under the BNA’s Aviso 15/19 framework for FX repatriation protection. The process requires more documentation than for domestic residents, but BFA’s IPO demonstrated that foreign participation is both legally permitted and practically feasible. Our How to Participate guide covers the diaspora track in detail.
15. Can I repatriate my investment returns in foreign currency?
Yes, under Aviso 15/19, non-resident investors who register their investment through the proper channels have the right to convert kwanza proceeds (from share sales or dividends) back to foreign currency and transfer them out of Angola through the banking system. This repatriation guarantee was a significant factor in attracting diaspora and international participation in the BFA offering. The conversion is subject to prevailing exchange rates at the time of repatriation.
16. Do I need to be in Angola to participate?
Not necessarily. Several BODIVA-licensed brokers accept remote account opening for non-residents, and the subscription process can be conducted digitally in some cases. However, the initial account setup – particularly NIF issuance and KYC documentation – may require either a visit to Angola or the appointment of a local representative to act on your behalf. The administrative friction is real but diminishing as brokers invest in digital onboarding infrastructure.
PROPRIV and the IPO Pipeline
17. What is PROPRIV and how does it relate to BODIVA IPOs?
PROPRIV – the Programa de Privatizacoes – is the Angolan government’s comprehensive privatisation programme, established by Presidential Decree No. 250/19, targeting 195 state-owned assets for transfer to private or mixed ownership. All five completed BODIVA equity listings were executed under PROPRIV, and every major upcoming candidate – Sonangol, Endiama, Unitel, Standard Bank Angola, TAAG, Aldeia Nova – derives its listing mandate from the programme. PROPRIV provides the political authorisation, institutional coordination, and regulatory framework that makes BODIVA IPOs possible. For comprehensive coverage, see our PROPRIV tracker.
18. How can I monitor upcoming IPOs?
Angola X tracks the full IPO pipeline and publishes updates as official announcements emerge. Primary sources include: the CMC (Comissao do Mercado de Capitais) website for prospectus filings; BODIVA’s official announcements for subscription dates and terms; the Diario da Republica (government gazette) for PROPRIV decisions; and credible Angolan financial media. Subscribing to the Angola X newsletter provides consolidated coverage of all pipeline developments.