Angola’s BFA Lender Raises $239 Million in Country’s Record IPO

Banco de Fomento Angola SA raised 220.9 billion kwanzas ($239 million) in the nation’s largest-ever initial public offering, a milestone for the government’s privatization program.

The sale of an almost 30% stake drew demand more than five times the shares available, Angola’s stock exchange BODIVA said in an emailed statement. The IPO attracted over 11,000 orders, with 10,133 filled, leaving investors with about 20% of the stock they sought.

The final price was set at 49,500 kwanzas a share, generating proceeds for shareholders Unitel SA and Banco BPI — a CaixaBank SA unit — from the sale of 4.46 million ...