UAE-based Optasia, a AI-powered fintech, has listed on the Johannesburg Stock Exchange (JSE) in one of the country’s biggest IPOs in recent years.
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The IPO, which was the biggest fintech listing to take place on the JSE, included both primary and secondary shares worth $372m.
It was multiple times oversubscribed and has pushed Optasia’s valuation to roughly $1.3bn.
South African bank FirstRand has acquired a 20% stake in the fintech in an off-market transaction, following the IPO
The IPO was welcomed by Optasia CEO Salvador Anglada who described it as a “financial milestone” for the company .
It was also welcomed by the JSE as a signal of the investor confidence in South Africa’s capital markets.