Two of the bank’s biggest shareholders — state-owned oil company Sonangol and diamond producer Endiama — will tender 10% of their shares in the IPO, according to thepublished on BAI’s website. The shares are set to be priced at between 17,200 kwanzas and 20,640 kwanzas, valuing Angola’s biggest bank at about $972 million.
The start of stock trading is the next step in Angola’s bid to lure overseas investors into Africa’s second-largest oil producer. The nation’s economy has been on an upswing after it exited five years of recession in 2021 and had its credit rating upgraded by Moody’s Investors Service.
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