Over-subscribed Unitel IPO nets USD 318 mln for Angolan state

Over-subscribed Unitel IPO nets USD 318 mln for Angolan state

Angola’s state asset management institute, Igape, has raised USD 318 million (AOA 300.3 billion) following the successful sale of a 15 percent stake in telecom operator Unitel. Marking the largest listing to date on the Angolan Debt and Stock Exchange (BODIVA), the public offer priced all 7.5 million shares at the top end of the target range, AOA 40,040 per share. Demand for the telecom giant’s shares surpassed initial supply with a coverage ratio of 120.72 percent.