Unitel shares surged 24.88% on their first day of trading on the Angolan Stock Exchange (BODIVA) on 29 July, marking a strong debut for the telecommunications group following a heavily oversubscribed initial public offering.
The IPO was priced at 40,040 kwanzas per share — the top of the indicated range — and attracted demand for 9.05 million shares against only 7.5 million available, representing an oversubscription rate of 120.72%. The offering created 11,264 new shareholders.
The state raised a total of 300.3 billion kwanzas from the transaction, equivalent to approximately US$329 million, making it one of the largest equity offerings conducted on BODIVA to date.
Based on the IPO reference price of 40,040 kwanzas, a gain of 24.88% implies a first-session closing price of approximately 49,999 kwanzas per share.
Investors who purchased shares at the IPO price of 40,040 kwanzas and sold near the 50,000-kwanza mark would have realised a gross capital gain of approximately 9,960 kwanzas per share, before brokerage commissions and taxes.
Analysts described the debut as “very positive”, though they cautioned it was too early to conclude that the upward trend would be sustained. They noted that the key variables to monitor in the coming sessions would be the stock’s price performance, trading liquidity, and any dividend announcements by the company.
Source: Mercado / Original article: https://mercado.co.ao/accoes-da-unitel-valorizam-2488/
