After Waiting for Eight Years, Angolan Exchange to Get First IPO
- Banco BAI will offer 10% of its shares in the initial sale
- The IPO values Angola’s biggest bank at about $972 million
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Angola’s eight-year-old stock exchange can finally start trading equities on June 9. That’s when Banco BAI plans to debut after an initial public offering.
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 the prospectus published on BAI’s website. The shares are set to be priced at between 17,200 kwanzas ($41.75) and 20,640 kwanzas, valuing Angola’s biggest bank at about $972 million.