When BFA’s oferta publica de venda (public sale offering) opened on September 5, 2025, BODIVA received over 11,000 subscription orders in 21 days and 8,488 investors opened custody accounts for the first time. That level of participation did not happen by accident – it happened because the IPO process in Angola, while still developing, has become genuinely accessible to individual investors who follow the right steps. This guide walks through every stage, from account setup to share allocation, for three distinct investor profiles: domestic retail, institutional, and diaspora.
Before You Begin: What You Need
Regardless of investor type, every participant in an Angolan IPO requires three things:
NIF (Numero de Identificacao Fiscal) – Angola’s tax identification number. Residents obtain this from the Administracao Geral Tributaria (AGT). Non-residents can obtain a NIF through an Angolan representative or directly at an AGT office with a valid passport.
CEVAMA Custody Account – CEVAMA is Angola’s central securities depository, operated by BODIVA. All shares purchased through an IPO are credited to the buyer’s CEVAMA account. Currently, 58,389 custody accounts exist at CEVAMA (as of late 2025). Opening an account is handled through a licensed broker-dealer, not directly with CEVAMA.
Relationship with a Licensed Broker – BODIVA licenses 16 broker-dealers (sociedades corretoras and sociedades distribuidoras) who are authorised to process IPO subscription orders. You cannot subscribe to an IPO without placing your order through one of these firms. Most of Angola’s major commercial banks – including BFA, BAI, BIC, and Standard Bank Angola – operate brokerage subsidiaries.
Track 1: Domestic Retail Investors
Retail investors (investidores de retalho) are individual Angolan residents participating with personal capital. This is the fastest-growing segment of BODIVA’s investor base, driven by the BFA IPO’s demonstration effect.
Step-by-Step Process
Step 1 – Open a Brokerage and Custody Account. Visit a BODIVA-licensed broker or a bank that offers brokerage services. You will need your NIF, Bilhete de Identidade (national ID), and proof of address. The broker will open both a brokerage account (for order execution) and a linked CEVAMA custody account (for holding shares). Some brokers also allow account opening through the Portal do Investidor, BODIVA’s digital platform originally built for government bond purchases.
Step 2 – Fund Your Account. Transfer kwanza funds to your brokerage account. The amount must cover the value of the shares you intend to subscribe for, plus any applicable fees. Minimum subscription amounts vary by IPO – the BFA offering had a minimum of 1 share at Kz 49,500 (approximately USD 54).
Step 3 – Wait for the Subscription Window. When a new IPO is announced, the CMC (Comissao do Mercado de Capitais) approves a prospectus that specifies the price range, subscription dates, allocation methodology, and other terms. The prospectus is published on the CMC and BODIVA websites. Subscription windows typically last 15-21 days.
Step 4 – Place Your Order. During the subscription period, submit your order through your broker, specifying the number of shares you wish to purchase. For fixed-price offerings, the price is predetermined. For book-built offerings, you may submit a price-quantity pair within the indicative range. Your broker will confirm receipt and the order enters BODIVA’s subscription system.
Step 5 – Allocation. After the subscription window closes, BODIVA and the offering’s managers determine the allocation. If the IPO is oversubscribed (as all five completed BODIVA IPOs have been), pro-rata allocation is typically applied: every subscriber receives a proportional share of their order, reduced by the oversubscription ratio. In BFA’s case, with 5x oversubscription, a subscriber who ordered 10 shares might have received 2.
Step 6 – Settlement and Trading. Settlement occurs on a T+2 basis (two business days after allocation). Shares are credited to your CEVAMA account, and any unallocated funds are returned. Once settlement is complete, shares begin trading on BODIVA’s equity board, and you can hold, sell, or add to your position through your broker.
Track 2: Institutional Investors
Institutional investors – pension funds (fundos de pensoes), insurance companies, asset managers, commercial banks investing proprietary capital, and foreign funds – follow a similar process but with higher minimums, dedicated allocation tranches, and additional regulatory requirements.
Key Differences from Retail
Dedicated Tranche: Most IPO prospectuses allocate a separate pool of shares for institutional investors, typically 50-70% of the total offering. This tranche may use a book-building mechanism with price discovery, while the retail tranche is offered at a fixed price.
Higher Minimums: Institutional minimum subscriptions are set in the prospectus and are substantially higher than retail minimums. For BFA, the institutional tranche had minimum order sizes in the billions of kwanza.
KYC and Regulatory Compliance: Institutional investors must comply with enhanced know-your-customer (KYC) requirements, anti-money-laundering (AML) standards, and – for regulated entities like pension funds – investment-mandate constraints set by BNA regulations or the insurance supervisor (ARSEG).
Allocation Priority: In oversubscribed offerings, institutional allocation may prioritise long-term holders, strategic investors, or cornerstone allocations agreed during the book-building phase, before pro-rata scaling is applied to remaining demand.
Foreign Institutional Access
Non-resident institutional investors can participate in Angolan IPOs under the foreign investment regime governed by Lei do Investimento Privado and the BNA’s Aviso 15/19, which provides FX repatriation protections. Requirements include:
- Registration with BNA as a foreign investor
- Appointment of a local custodian bank
- Opening of a capital account (conta de capital) for FX conversion
- Compliance with withholding-tax obligations on dividends and capital gains
The process is more cumbersome than in developed markets, but BFA’s IPO demonstrated that foreign institutions can and do participate successfully. For broader context on Angola’s investment framework, see our investment law overview.
Track 3: Diaspora Investors
Angolans living abroad – the diaspora – represent a significant and growing source of IPO demand. The BFA offering saw notable participation from Angolans in Portugal, Brazil, South Africa, and other countries, many of whom used the IPO as their first entry into Angola’s formal capital markets.
How It Works for Non-Residents
The process mirrors the domestic retail track with several additional steps:
Obtain or reactivate your NIF. Angolan nationals who have lived abroad may already have a NIF from prior tax filings. If not, one can be obtained through the AGT, either in person or through an authorised representative in Angola.
Open a non-resident brokerage account. Contact a BODIVA-licensed broker with non-resident account capabilities. You will need your passport, NIF, proof of foreign residence, and (for FX repatriation protection) registration under Aviso 15/19 through a local bank.
Fund in kwanza. Subscription must be made in Angolan kwanza. Diaspora investors convert foreign currency through an authorised bank in Angola, which credits the kwanza equivalent to the brokerage account. The current exchange rate applies at the time of conversion.
Subscribe and settle. The subscription and allocation process is identical to domestic retail. Shares are credited to your CEVAMA account on settlement date.
Repatriation. When you sell shares or receive dividends, Aviso 15/19 guarantees the right to convert kwanza proceeds back to foreign currency and repatriate through the banking system. This protection was a key factor in diaspora participation in the BFA offering.
The IPO Timeline: From Announcement to Trading
Understanding the typical timeline helps investors prepare ahead of subscription windows:
| Phase | Typical Duration | What Happens |
|---|---|---|
| PROPRIV Decision | Months-years before | IGAPE and CIRE approve the privatisation method |
| Advisor Appointment | 3-6 months before | Investment banks and legal advisors are engaged |
| CMC Prospectus Review | 1-3 months before | CMC reviews and approves the offering document |
| Announcement | 2-4 weeks before | Prospectus is published; price range and dates are set |
| Subscription Window | 15-21 days | Investors place orders through brokers |
| Allocation | 2-5 business days | Pro-rata or book-building allocation is determined |
| Settlement (T+2) | 2 business days | Shares credited to CEVAMA; excess funds returned |
| First Trading Day | T+3 or next business day | Shares begin trading on BODIVA |
Costs and Fees
Participating in an Angolan IPO involves several cost layers:
- Brokerage commission: Typically 0.25-0.50% of the subscription value, though some brokers waived or reduced fees for the BFA IPO to attract new clients.
- CEVAMA custody fee: A small annual fee for maintaining your custody account, usually charged quarterly.
- BODIVA transaction fee: Charged on secondary-market trades (not at IPO subscription), typically 0.10-0.15% of trade value.
- Tax: Capital gains on BODIVA-listed equities are subject to Imposto sobre os Ganhos de Capital. Dividend income is subject to withholding tax. See our tax regulation overview for current rates and exemptions.
Preparing for the Next IPO
With Unitel, Endiama, and other candidates advancing through the PROPRIV process, the practical step for prospective investors is to complete account setup now – before the next subscription window opens. Opening a brokerage account and CEVAMA custody account takes days to weeks depending on the broker, and waiting until an IPO is announced can mean missing the subscription period due to administrative delays.