Angola is preparing a new initial public offering (IPO) before the end of the year, with the government planning to sell a 34% stake in Standard Bank Angola — a transaction expected to generate between €300 million and €450 million and push total privatisation receipts well above the €1.17 billion target set for 2026.
The Ministry of Finance, led by Vera Daves de Sousa, and the Angolan Debt and Securities Exchange (BODIVA) are working on the transaction, which is expected to take place in October, according to Negócios.
The Angolan state currently holds a 49% stake in Standard Bank Angola, with South Africa’s Standard Bank Group Limited controlling the remaining 51%. Of the 34% earmarked for disposal, the government intends to sell 24% directly to the majority shareholder, Standard Bank Group, and to float the remaining 10% through a public offering on BODIVA. After the transaction, the state’s residual 15% holding — currently managed by the state asset and equity management institute IGAPE — will remain in public hands.
Standard Bank Angola is the third most profitable bank in the country, having closed 2025 with a net profit of €141 million. It trails BAI (Banco Africano de Investimentos), which posted a net result of €277 million, and BFA (Banco de Fomento Angola), which recorded €211 million.
Based on the bank’s financial performance, analysts expect shares to be priced above a nominal €50 each. Although no official valuation has been published, the sale of the 34% stake is estimated to generate proceeds of between €300 million and €450 million for the Angolan state.
The operation follows the successful IPO of mobile telecoms operator Unitel in July, in which the government sold a 15% stake and raised approximately €286 million in total receipts of €982.6 million. Adding the minimum estimated proceeds of €300 million from the Standard Bank stake sale would bring the aggregate total to approximately €1.28 billion — surpassing the PROPRIV privatisation programme’s annual target of €1.17 billion.
Eight other privatisations that had been scheduled for this year under the PROPRIV programme will be deferred to 2027. The planned disposals of media group Media Nova, Angola Telecom, national carrier TAAG — Linhas Aéreas de Angola, state diamond company Endiama (Empresa Nacional de Diamantes de Angola), cement producer Nova Cimangola, broadcaster TV Zimbo, Banco Comercial Angolano, and the Luanda-Bengo Special Economic Zone development company will now only proceed in 2027.
The approach to those transactions will vary by company. The state intends to sell its entire stake in Media Nova and TV Zimbo, while strategic enterprises such as Endiama and TAAG will see only a partial opening of their capital to private investors.
The Unitel IPO, completed in July, was Angola’s first major public share offering and was widely regarded as a benchmark for the country’s nascent capital market. A follow-on listing of a banking sector heavyweight such as Standard Bank Angola would mark a further deepening of BODIVA’s equity market and signal continued momentum in the government’s broader privatisation agenda.
Angola launched the PROPRIV programme to reduce the state’s footprint in the economy, attract foreign investment and raise fiscal revenue at a time of sustained efforts to diversify away from oil dependency. The programme has identified dozens of state-owned or state-held assets across sectors including banking, telecoms, aviation, mining and media.
Source: Mercado / Original article: https://mercado.co.ao/angola-prepara-nova-oferta-publica-inicial-ainda-este-ano-com-venda-de-participacao-no-standard-bank/
