Milbank, Webber Wentzel, Linklaters, Bowmans, and Walkers advised on Optasia’s landmark ZAR 6.5 billion IPO on the Johannesburg Stock Exchange.

Optasia, one of the world’s largest artificial intelligence-powered financial technology platforms, has completed both the JSE’s largest listing so far this year and the biggest fintech IPO across Europe, the Middle East and Africa since 2021, signalling renewed momentum in the South African IPO market.

Milbank LLP advised Channel VAS Investments Limited (trading as “Optasia”) in connection with Optasia’s initial public offering and Johannesburg Stock Exchange listing. The Optasia shares priced at ZAR19.00, at the top of the price range, raising gross proceeds of approximately ZAR6.5 billion, assuming the exercise of the overallotment option, and valuing Optasia at approximately ZAR23.5 billion. Concurrently with the IPO, Milbank advised Optasia’s shareholders on the sale of a 20.1% stake in Optasia on a fully diluted basis to FirstRand Limited.

The Milbank team was led by Corporate Finance and Securities Partner David Dixter and Associates Harshil Bansal and Panos Tsezos. The Milbank team also included New York Tax partner Andrew Walker and associate Blake Rocks, London Tax partner Alan Rafferty and associate Lily Teh, and New York Alternative Investments partner Catherine Leef Martin.

Webber Wentzel acted as South African legal advisers to Channel VAS Investments Limited (Optasia) on its landmark initial public offer and listing on the Johannesburg Stock Exchange (JSE).

The Team included Dintwa Serumula, Riyaad Cruywagen, Jesse Watson, Carine Murphy, Lebogang Maragelo, Merosha Govender, Annerita Maritz, Sinalo Matubatuba, Zakariya Adam, Maanda Lennox Litshani, faygn prinsloo, Kiara Rodriguez Pereira (Corporate); Keith Veitch, Cor Kraamwinkel, Marissa Wessels (Tax); Dawid de Villiers (Financial Regulatory); Caroline Theodosiou (Insurance); Dhevarsha Ramjettan, Nivaani Moodley (Employment); Bernadette Versfeld, Karl Blom (TMT/IP); LouFrans Esterhuizen (Banking and Finance).

Linklaters advised the underwriters on Optasia’s landmark ZAR 6.5 billion initial public offering (IPO) on the Johannesburg Stock Exchange (JSE). The cross-border team was led by Corporate Partner Mike Bienenfeld, Counsel Asad Ahmed and Associate Megan Gallagher. They were supported Corporate, Capital Markets and Tax teams across the U.K. and U.S.

Bowmans acted as South African counsel to the joint global coordinators and bookrunners on the transaction.

Walkers advised Optasia as BVI counsel, providing jurisdictional advice in relation to the listing.