Shares in Optasia will begin trading on the JSE on November 4, with the fintech operator valued at more than R23bn.
Last week, the Dubai-founded group announced the offer price range for the initial public offering at R15.50-R19 per share. Up to 419.8-million shares were to be made available, representing 30.4% of its issued share capital.
The group’s offer closed late on Thursday at a price of R19 per share. The offer comprised 68,486,843 subscription shares and 273,947,369 sale shares, representing an aggregate amount of R6.5bn.
According to the company, the institutional offer “generated significant interest in SA and internationally, resulting in the offer closing multiple times subscribed.”
Based on a total of 1,235,061,843 ordinary shares in issue, the offer price implies a market capitalisation of R23.5bn.
This outstrips the market values of notable JSE companies such as Pick n Pay and Datatec, and sector peers Lesaka and Capital Appreciation.
This comes just days after FirstRand announced a big show of support for Optasia, taking a 20.1% stake in the fintech group.
As Optasia gears up for its JSE debut, its largest shareholders include the following firms:
| Direct beneficial interest | Indirect beneficial interest | % of issued share capital | |
|---|---|---|---|
| Chronos Capital Limited | 359 604 475 | - | 29.1% |
| FirstRand Bank Limited | - | 248 247 430 | 20.1% |
| TRG Africa Optasia Consortium SPV Pty Ltd | 124 736 834 | - | 10.1% |
| Zoey Enterprises and BH Holdings* | - | 92 629 639 | 7.5% |
Chronos Capital is the investment vehicle of four notable SA businesspeople: former FNB CEO Michael Jordaan; former Rain and OUTsurance CEO Willem Roos; former Hollard CEO Nic Kohler and former Real Insurance CEO in Australia Roger Grobler.
Optasia describes itself as “an AI-enabled fintech platform that provides microfinancing solutions and airtime credit solutions”. In essence the company is in the business of microlending across various platforms.
Founded in December 2012, it has developed a network of distribution partners, including mobile network operators and financial institutions. It has access to more than 860-million mobile subscribers.
By end-June, Optasia operated through a network of 49 distribution partners and 13 financial institutions.
The group is behind the airtime lending businesses of mobile operators Vodacom and MTN. It also lists India’s Airtel, Pakistan’s Jazz and Indonesia’s Indosat Ooredoo Hutchison as mobile networks that are part of its partner network.
In addition, the group partners with 13 financial institutions.
Optasia will be listed in the consumer lending/finance and credit services sector of the JSE.
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