Unitel, Angola’s Telecom Giant, to Launch IPO in 2024

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Angola’s telecommunications giant, Unitel, is gearing up for an IPO in 2024, as reported by Bloomberg on Thursday. This strategic initiative by the Central African nation aims to spur economic growth and entice foreign investment into the country.

An IPO, or initial public offering, marks the first time shares of a private company are made available to the public. It enables a company to raise equity capital from public investors, offering shares through the primary market.

Unitel, established in 2001 as a joint-stock company, is a prominent Angolan mobile phone operator. Previously owned by Oi and Helios (via Africatel), Angolan state-owned oil company Sonangol, and local entities like Geni Holding (via Mercury) and Vidatel, Unitel operates a network based on GSM and UMTS standards, providing voice, text, and multimedia messaging, as well as mobile internet access.

In October 2022, Angolan President João Lourenço finalized the nationalization of Unitel. As the largest telecommunications firm in Angola, Unitel plays a pivotal role in the country’s communication infrastructure. The forthcoming IPO is poised to have significant implications for Angola’s economy and for investors interested in the burgeoning Angolan market.

Details regarding the Unitel IPO, including the offering size, company valuation, and precise timing within 2024, have not been disclosed. However, the move underscores Angola’s aspiration to diversify its economy and attract sustainable foreign investment.

For potential investors, the Unitel IPO represents an opportunity to participate in Angola’s telecommunications sector’s growth while supporting the nation’s endeavors to improve its business landscape.