Between June 2022 and September 2025, five companies completed initial public offerings on BODIVA, transforming Angola’s equity exchange from a theoretical construct into a functioning market with USD 3.37 billion in total capitalisation and 58,389 custody accounts at CEVAMA. Each listing built on the last – testing infrastructure, expanding the investor base, and raising the ambition of what Angola’s capital markets could absorb. Every offering was oversubscribed. Every IPO subscriber who held through the first weeks of trading saw positive returns.

This page reviews all five completed listings: what they raised, how they performed, and what each one added to the market’s development.

Summary Table

1. BAI – Banco Angolano de Investimentos (June 2022)

Banco Angolano de Investimentos was the first equity ever listed on BODIVA, making it the transaction that proved Angola could execute a public share offering through domestic market infrastructure. BAI – one of Angola’s largest commercial banks, with a significant retail deposit base and corporate lending franchise – was selected as the inaugural listing under the Programa de Privatizacoes (PROPRIV) specifically because of its profile: a household-name institution whose familiarity to ordinary Angolans would reduce the friction of asking people to buy shares for the first time.

The offering raised approximately Kz 40.1 billion (roughly USD 44 million at prevailing exchange rates) and was oversubscribed 5.9x – a demand level that surprised even the offering’s arrangers, given that no prior reference point existed for Angolan equity appetite. The first-day return of approximately 15% validated the pricing methodology and demonstrated that BODIVA’s trading system, CEVAMA’s settlement infrastructure, and the CMC’s prospectus-review process could function under real-market conditions.

BAI’s listing was as much a proof of concept as a capital-markets transaction. It answered the existential question: would Angolans buy shares on a domestic exchange? The answer – nearly 6x oversubscription – removed the biggest uncertainty hanging over the government’s plans to list larger state-owned enterprises.

2. BCGA – Banco Caixa Geral Angola (November 2022)

BCGA, the Angolan subsidiary of Portugal’s Caixa Geral de Depositos, followed BAI onto BODIVA’s equity board in November 2022. The listing was smaller in scale and received less media attention than BAI’s debut, but it served an important structural purpose: it gave BODIVA a second listed equity, creating the minimum conditions for comparative pricing and demonstrating that the exchange could support more than one name.

BCGA’s offering reflected the bank’s more specialised market position. With a smaller branch network and a client base concentrated among Portuguese-Angolan business relationships, the subscription demand was more modest than BAI’s. Detailed financial metrics for the BCGA offering have been less widely reported than for the other four listings, in part because the transaction preceded the growth of Angola’s financial media ecosystem around capital-markets coverage.

For BODIVA, BCGA’s significance was sequential: it moved the exchange from one listed company to two, which – while seemingly incremental – was a necessary step in building the multi-security market that institutional investors require before allocating capital to an exchange.

3. ENSA – Empresa Nacional de Seguros de Angola (October 2024)

ENSA brought Angola’s insurance sector to BODIVA for the first time. As the country’s largest insurer – the former state monopoly, now partially privatised under PROPRIV – ENSA’s listing diversified the exchange beyond banking and gave investors exposure to a sector with significant structural growth potential. Insurance penetration in Angola remains among the lowest in Africa, implying a long runway for premium growth as the economy formalises and the middle class expands.

The offering raised approximately Kz 12.5 billion (roughly USD 14 million), with a 1.7x oversubscription ratio and an 8.2% first-day return. The lower oversubscription relative to BAI reflected two factors: the smaller absolute size of the offering (limiting institutional interest) and the lesser brand recognition of an insurance company versus a retail bank among individual investors.

ENSA’s contribution to BODIVA was sectoral diversification. With BAI and BCGA providing banking exposure, ENSA gave the exchange its first non-bank financial listing – a step toward the multi-sector equity board that index constructors and portfolio managers need to see before treating an exchange as investable.

4. BODIVA – The Exchange Itself (November 2024)

In an unusual but symbolically powerful move, BODIVA listed its own shares on its own platform in November 2024. The offering was small – Kz 1.3 billion, approximately USD 1.4 million – but the 7.8x oversubscription ratio was the highest of any BODIVA listing at the time, and the 12.1% first-day return signalled strong investor confidence in the exchange’s growth trajectory.

The self-listing served multiple purposes. It demonstrated BODIVA’s commitment to the transparency standards it demands of issuers – if the exchange asks companies to disclose financials and submit to market scrutiny, listing itself sends an unmistakable signal that it accepts the same obligations. It also created a direct investment vehicle for those who believe in Angola’s capital-market growth story: owning BODIVA shares is, in effect, a bet on the expansion of the IPO pipeline and the growth of secondary-market trading volumes.

At 7.8x oversubscription on a small float, BODIVA’s own shares have limited secondary-market liquidity, but the listing’s symbolic weight outpaces its financial size. It put the exchange in the rare category of self-listed African bourses, joining the Nairobi Securities Exchange and the Johannesburg Stock Exchange.

5. BFA – Banco de Fomento Angola (September 2025)

The BFA listing was the inflection point. Everything that came before it was preparation; everything that follows will be measured against it. At Kz 220.9 billion (approximately USD 241 million), the BFA offering was 5.5 times larger than BAI’s 2022 debut and represented the largest share offering anywhere in Africa during 2025.

The numbers speak for themselves: 5x oversubscription, 11,000+ orders, 8,488 new CEVAMA custody accounts opened during the 21-day subscription window (September 5-25), and a post-IPO price trajectory that saw shares rise from the Kz 49,500 offering price to Kz 115,000 within ten trading days – a 132% gain. By late 2025, BFA shares had stabilised near Kz 118,000, giving IPO subscribers a return exceeding 138%.

BFA proved four things simultaneously: that BODIVA’s infrastructure can handle institutional-scale transactions; that domestic retail demand for equities is real and substantial; that Angola can attract international investor attention in a frontier-market equity offering; and that PROPRIV can deliver its highest-profile mandate – a transparent, market-priced privatisation of a major state-linked asset.

For a complete analysis of the BFA transaction – demand composition, pricing mechanics, secondary-market performance, and valuation implications – see our BFA IPO deep dive.

Lessons from Angola’s IPO History

Five completed listings in three years yield several observations for investors positioning ahead of future offerings.

Every BODIVA IPO Has Been Oversubscribed

Oversubscription ratios have ranged from 1.7x (ENSA) to 7.8x (BODIVA). This pattern reflects a structural supply-demand imbalance: the number of investors seeking equity exposure in Angola exceeds the number of shares available, because the listed universe remains small (five companies) and float sizes are limited by PROPRIV’s partial-sell-down approach. Until the pipeline adds significantly more listings, oversubscription is likely to persist, which has direct implications for allocation strategy – investors should prepare to receive partial fills and size their orders accordingly.

First-Day Returns Have Been Consistently Positive

Every BODIVA IPO has delivered a positive first-day return, ranging from 8.2% (ENSA) to 25% (BFA). This is partly a function of conservative IPO pricing – offering managers have consistently set prices at levels that leave room for secondary-market appreciation – and partly a reflection of the oversubscription-driven scarcity premium.

Retail Participation Is Growing Exponentially

BAI brought the first wave of retail shareholders. BFA brought 8,488 new ones in a single month. The trajectory suggests that each successive IPO activates a new cohort of individual investors who then become potential subscribers for the next offering. CEVAMA’s custody-account total – 58,389 as of late 2025 – is likely to grow substantially with each future listing.

Sectoral Diversification Matters

The progression from banking (BAI, BCGA) to insurance (ENSA) to exchange infrastructure (BODIVA) to large-cap banking (BFA) has gradually expanded BODIVA’s equity board beyond a single-sector exchange. The upcoming pipeline – diamonds (Endiama), telecoms (Unitel), oil and gas (Sonangol), aviation (TAAG), agribusiness (Aldeia Nova) – will transform the exchange into a multi-sector market, which is a prerequisite for institutional index inclusion and passive-fund eligibility.

Infrastructure Has Scaled

The most important lesson may be the least visible. BODIVA’s trading platform, CEVAMA’s T+2 settlement system, the CMC’s prospectus-review process, and the 16 licensed brokers who process subscription orders have all been tested under increasing load. BFA’s 11,000+ orders were processed without reported settlement failures. That operational track record – more than any single stock’s performance – is what underpins the credibility of the much larger transactions ahead.