Emerging markets fintech Optasia has confirmed it will list on the JSE at a valuation of R23.5-billion following the closing of its bookbuilding period on Thursday.

The company – backed by former First National Bank CEO Michael Jordaan – confirmed that its share offer closed at the top end of the R15.50 to R19/share range previously outlined in its pre-listing statement.

“Based on a total of 1 235 061 843 ordinary shares in issue, the offer price implies a market capitalisation of R23.5-billion and the offer shares, including the overallotment shares (if the overallotment option is exercised in full), will represent 28% of the company’s total issued ordinary shares,” Optasia said in a statement on Thursday.

Around 68.5 million of the shares on offer have been allocated as subscription shares. Funds raised from the sale of subscription shares will be used to finance Optasia’s planned expansion in key markets including East Asia, Kenya, Egypt and Indonesia.

A further 238 million of the shares on offer have been allocated as sale shares. Proceeds from all sale shares go directly to the shareholders and Optasia will not benefit from income generated.

Among Optasia’s largest institutional investors are Chronos Capital (29.1%), TRF Africa Optasia Consortium (10.1%), Zoey Enterprise Holdings (7.5%) and FirstRand Group (20.1%). FirstRand announced its investment in Optasia on Monday. An Optasia spokeswoman confirmed to TechCentral that the investment is worth some R4.7-billion.

Microloans

Optasia is an emerging markets-focused credit-vetting specialist that uses proprietary AI algorithms to determine how much to lend to customers through microloans. It connects to customers through fintech platforms such as MTN Group’s MoMo and Vodacom Group’s M-Pesa, using the balance sheet of licensed banks to disperse funds that Optasia also underwrites in the event of a default.

According to its CEO Salvador Anglada, the average amount disbursed is US$5, although this can increase depending on the market and a customer’s credit history. Some 30% of Optasia’s customers are small business owners who use the credit to fund their operations.

Read: Optasia targets up to R23-billion valuation in JSE debut

According to the statement, Optasia’s share offering “generated significant interest” in South Africa and abroad, leading to it closing “multiple times subscribed”. The company plans to list on 4 November. – © 2025 NewsCentral Media

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