Unitel, the largest telecom company of Angola, launched its initial public offering on July 6. The state seeks to raise $322 million by selling 15% of the company. Shares are priced between $39.50 and $43.90, valuing the firm at $2.1 billion.
The political backdrop is impossible to ignore. President João Lourenço seized Unitel from Isabel dos Santos and her business partner in 2022, part of an anti-corruption drive.
Now the exchange selling those shares is run by his daughter, Cristina Lourenço. Critics see a transaction directed from the presidency.
Unitel’s profits tell a complex story. Net income jumped 59% to $173.6 million in 2025. However, most came from dividends on the company’s 51.9% bank stake, not telecom operations.
The core business is shrinking. Africell, a rival operator, has captured 24-25% of the mobile market since entering Angola in 2022.
Investor appetite remains uncertain. BFA’s successful listing in September 2025 was five times oversubscribed and shares doubled within two weeks.
Unitel’s offering could deliver President Lourenço a political victory, proving his economic reforms work. A weak result would raise doubts about Luanda’s shallow capital market.
The state will retain 85% control. Angola’s privatization program has repeatedly delayed its biggest prize: Sonangol, the state oil company. Meanwhile, Unitel’s offering feels less like liberalization and more like a carefully managed show of openness, with economic power shifting from one connected family to another. Subscriptions close July 24, with trading expected July 29.
