Lender BFA Plans to Raise $239 Million in Angola’s Biggest IPO

Banco de Fomento Angola SA, the nation’s second-largest lender by assets, is selling shares in what could become Angola’s biggest initial public offering.

BFA, as the lender is known, is selling shares at between 41,500 kwanzas ($44.8) and 49,500 kwanzas, with 2% of the stock reserved for employees, Chief Financial Officer Francisca Ferrao Costa said in an interview. The IPO may raise as much as 220.8 billion kwanzas ($239 million) from the sale of a 29.75% stake, valuing the bank at about $801 million, according to Bloomberg calculations.

It’s “an opportunity to diversify our shareholder base and reinforce institutional ...