BFA's IPO starts on September 5th and runs until the 25th
The Initial Public Offering (IPO) of Banco de Fomento Angola (BFA) will take place between September 5 and 25, according to the prospectus published this Monday by the Capital Market Commission (CMC).
The document to which Jornal Económico (JE) had access reveals that the Angolan bank will go public with a price range between 41,500 kwanzas (38.4 euros per share) and 49,500 kwanzas (45.84 euros).
According to the regulator, BFA shares are expected to be listed on September 30th. The special stock exchange session to determine the results of the offering will take place on September 26th, when the final unit price will also be set.
The Angolan state, which is expected to raise €200 million from the sale of 15% of BFA's capital, currently holds 51.9%. The BPI Group, which will sell a 14.6% stake, holds 48.1% of the bank's capital.
The Public Offering for Sale, whose registration and respective prospectus were approved on August 15, concerns 4,462,500 ordinary shares, with a nominal unit value of six thousand kwanzas, representing 29.75% of BFA's share capital and voting rights.
Confirmation of the public offering period was made on the sidelines of the second ordinary meeting of the National Interministerial Commission for the Privatization Program (CNI-PROPRIV), in Luanda, which gave the green light to the privatization schedule until December of next year.
"BFA's IPO will take place in September and will mark a historic moment for our capital markets. We're talking about the largest transaction ever carried out by BODIVA, a milestone that will put Angola on the radar of major international investors, but also open doors for thousands of small domestic investors to become shareholders in one of the country's largest banks," said Álvaro Fernão, Chairman of the Board of Directors (PCA) of IGAPE, on August 20th.
The Angolan State, BFA's majority shareholder through Unitel, confirmed in June 2024 that it would proceed with the sale of 15% of the bank as part of the Program for the Full and Partial Privatization of Public Companies (PROPRIV).
BFA Capital Markets, established in 2022, is the entity responsible for providing assistance services in the preparation and launch of the offering and advising on the process of admitting the Angolan bank's shares to trading.
Regarding the transaction, Odair Costa, CEO of the securities distribution company, stated in a recent interview with Forbes Lusophone Africa that "the nature of the issuer and its financial results justify a huge appetite on the part of national and foreign investors."
"As leaders of the operation, we have received requests from various types of investors, from individual investors to institutional investors such as large international investment houses. With these signals, we believe we have everything we need for the operation to continue in the footsteps of the success of previous ones," the executive argued.
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