South African investors Romeo Kumalo and Gil Oved realised part of their investment in Optasia as the Dubai-based AI fintech floated in Johannesburg, freeing up capital they plan to redeploy into new technology bets across Africa. Their vehicle, LLH Capital, sold down in the offering and is preparing a bigger fundraising effort to back companies at the intersection of telecoms, finance and data.
Optasia listed on the JSE at a valuation of roughly R23.5 billion after a R6.5 billion offering, one of the years biggest South African IPOs and among the largest fintech listings on the bourse in recent years. The stock priced at about R19 a share after an October intention-to-float and accelerated bookbuild.
The company uses machine-learning models and thousands of data pointssourced via mobile network partnersto extend micro-loans, cash advances and airtime credit to customers who often lack traditional credit histories. It operates across dozens of markets and counts major African and Asian carriers among its distribution partners. Management has said the listing will fund expansion and product development.