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.
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.