The listing of AI-powered fintech group Optasia on the Johannesburg Stock Exchange (JSE) has made history as one of South Africa’s biggest technology IPOs — and one of its most lucrative for investment bankers.
The blockbuster debut raised R6.5 billion, valuing Optasia at R24.5 billion, with shares closing at R19.38 on Tuesday — the upper end of the IPO’s price range. It marks the largest fintech listing on the JSE and the biggest since Pick n Pay’s Boxer spin-off in 2024, which raised R8.5 billion.
R416 million payday for dealmakers
Optasia will pay out between R322 million and R416 million in total fees and expenses tied to the listing — a figure that rivals some of the largest in South African corporate history.
According to the IPO filings, Standard Bank South Africa and Morgan Stanley, the joint global coordinators, will each receive R50.6 million, while Investec, acting as bookrunner, earns nearly R22 million.
The independent financial advisor, boutique firm Moelis, pockets the lion’s share at R199 million, stemming from a multi-year advisory role that began when Optasia was weighing a sale before opting to list.
Together, these four investment banks account for R322 million of the total. But that figure could rise by an additional R94 million if a “discretionary fee” — up to 1.3% for achieving an “overallotment” — is triggered.
Full fee breakdown
| Role | Payee | Fee (excl. VAT) |
|---|---|---|
| Joint Global Coordinator | Standard Bank SA | R50.658m |
| Joint Global Coordinator | Morgan Stanley | R50.658m |
| Bookrunner | Investec | R21.711m |
| Independent Financial Advisor | Moelis | R198.65m |
| Legal Advisors (Company) | Webber Wentzel, Milbank LLP | R19.03m |
| Legal Advisors (Banks) | Bowmans, Linklaters LLP | R8.17m |
| Independent Auditor | Ernst & Young | R20.46m |
| PR Advisor | Brunswick Group | R4.09m |
| Market Consultant | Altman Solon | R0.085m |
| Rewards Consultant | Bowmans | R0.66m |
| Transfer Secretary | Computershare | R0.043m |
| JSE Listing & Documentation Fees | JSE | R2.743m |
| Printing & Distribution | Ince | R0.051m |
| Creative & Web Developer | Giraffes in the Kitchen | R0.528m |
| Other Expenses | Various | R94.08m |
Bankers strike gold
The fees are comparable to the R340 million paid by Boxer for its 2024 listing, where RMB, Morgan Stanley, Absa, and Standard Bank served as joint coordinators.
However, Moelis’ R199 million fee — roughly 40% of the total — stands out as one of the largest ever paid to an independent advisor on a JSE deal, underscoring the high complexity and global scale of the Optasia transaction.
Auditors Ernst & Young earned R20 million, while legal advisors collectively received R27 million. PR firm Brunswick Group helped generate buzz around the listing for over R4 million, while the JSE itself charged R2.7 million for listing and inspection fees.
Fintech’s biggest African IPO moment
Optasia, which uses AI algorithms for microcredit and digital financial services across emerging markets, is now valued at over R24 billion, solidifying its position as one of Africa’s most valuable fintech firms.
The listing follows FirstRand Group’s R4.7 billion acquisition of a 20.1% stake in the company, and signals growing investor confidence in Africa’s fintech and AI sectors as they expand into Asia and beyond.
With record-breaking capital raised and some of the most substantial advisory payouts in years, Optasia’s JSE debut has firmly positioned it as the deal of 2025 — a defining moment for South Africa’s capital markets and fintech industry.
