Luanda, July 9, 2026 (Lusa) — Financial analyst Silveira Nunda told Lusa that demand for Unitel shares is expected to exceed supply, making the transaction the largest ever on the Angolan stock exchange, although the asking price is overvalued.
The expert maintained that the strong demand is justified by the asset's quality, as has been the case with previous transactions on the Angolan capital market, a key factor in the success of the IPO (Initial Public Offering), even at the premium price.
Silveira Nunda highlighted that Unitel dominates the Angolan telecommunications market, with over 70% market share and nationwide coverage.
He recalled that in previous transactions, “demand has always exceeded supply and the investor base has always grown,” citing Banco de Fomento Angola (BFA), which brought 8,488 new shareholders into the capital market.
He noted, however, that a fundamental valuation of the business indicates that the share price set in the offering appears elevated.
According to the analyst, Unitel’s operating profit accounts for less than half of the net profit for the financial year, reflecting the company’s financial investments, notably dividends received from BFA.
“This ultimately makes the company relatively expensive at the price currently being offered,” he stated, noting that the valuation assumes the business will grow at least twice a year.
Assuming sustainable and steady growth, he continued, the company “is very expensive” and it would make more sense to invest the money in another financial instrument – a perspective which, he noted, “not all investors fully grasp”.
According to Silveira Nunda, institutional investors who assess the fundamentals of the business may realise that it makes more sense to invest in another asset offering a more sustainable return.
Even so, he concluded, demand is likely to exceed supply due to the asset's quality, although the extent of this demand remains uncertain.
On Monday, Unitel put 7.5 million shares up for sale, representing 15% of its share capital, and expects to raise around 300 billion kwanzas (€281.9 million).
The price per share ranges from 36,000 kwanzas (€33.8) to 40,000 kwanzas (€37.5); the public offering period ends on 24 July, with the final price set on 27 July.
Unitel, Angola’s largest telecommunications company, holds around 73% of the market share, has been in operation for 25 years and has nearly 21 million customers, having recorded a net profit in 2025 of over 158 billion kwanzas (€148.5 million).
The Angolan state currently owns 50% of the company through the Institute for the Management of State Assets and Holdings (IGAPE), whilst the state-owned oil company Sonangol holds the remaining 50% via MS Telecom and PT Ventures, each with a 25% stake.
Of the 15% of shares now on sale, 2% are earmarked for employees and 13% for the public, with eight entities marketing the shares, which are scheduled to be listed on the stock exchange two days after the final price is set.
RCR/ADB // ADB.
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