Bloomberg: Angola's BFA Raises $239M in Record IPO Amid High Investor Demand

Banco de Fomento Angola SA (BFA) has successfully completed Angola's largest initial public offering (IPO) to date, raising 220.9 billion kwanzas, or $239 million, according to Bloomberg.com. The IPO, representing approximately a 30% stake in the financial institution, marks a significant milestone in the Angolan government's ongoing privatization efforts. In an emailed statement, BODIVA, Angola's stock exchange and manager of the offering, emphasized that the IPO demonstrates the increasing capabilities of the Angolan financial sector to execute large-scale public transactions. Investor demand for the BFA offering substantially surpassed the available shares. BODIVA reported that demand exceeded the supply by a factor of five, indicating strong market confidence in both the bank and the overall Angolan economy. The offering garnered wide participation, attracting over 11,000 individual orders through the stock exchange. Given the considerable oversubscription, share allocation was highly competitive. Official data reveals that 10,133 orders were fulfilled, but investors received approximately 20% of their requested shares. This rationing reflects the robust market appetite for the BFA stake. The record-setting IPO underscores investor interest in assets offered to the public market as part of the government's privatization program.