Standard Bank de Angola began this Friday its listing process on the Luanda Stock Exchange, with the start of the sale of part of the shares held by the Angolan state. This is an initial public offering (IPO) that could yield approximately 220 million euros, depending on the final share price.
The state, through the Institute for the Management of State Assets and Holdings (IGAPE), is selling 34% of the capital and voting rights of Standard Bank de Angola, an institution in which it currently holds 49%. A total of 4.76 million shares will be sold at a price between 41,220 kwanzas and 50,000 kwanzas per share, with the final price to be set according to market demand.
The offer is divided into two parts: a 24% block is reserved for Standard Bank Group Limited, the current shareholder, while the remaining 10% is destined for the general public. If the securities are sold at the maximum price, the Angolan state could pocket approximately 220 million euros.
With this operation, Standard Bank de Angola will become the fourth Angolan bank to list on Bodiva, joining Banco Caixa Geral Angola, Banco Angolano de Investimentos, and Banco de Fomento Angola. The offer closes on September 25 and the start of trading is scheduled for September 30.
