![Milbank LLP [Harshil Bansal]](https://www.milbank.com/a/web/7b8AkoEAf26N3gARqSNLNE/9ANuKE/bansal-harshil-lon-web-4893-3751-0376-v1.jpg "Milbank LLP [Harshil Bansal]")
![Milbank LLP [Panos Tsezos]](https://www.milbank.com/a/web/oLhqmdzBhKfC71eQyK1D4W/8MnZdz/tsezos-panos-lon-web-4867-3502-0692-v1.jpg "Milbank LLP [Panos Tsezos]")
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. The offering marked the largest IPO in Africa this year, as well as the largest fintech IPO in the EMEA region since 2021.
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.
Optasia is one of the world’s largest AI-enabled fintech platforms, providing micro-financing and airtime credit solutions. Its AI-powered financial services platform and credit decisioning algorithms process and analyze multiple customer data points generating credit scoring and a credit decision. As part of providing these services, Optasia enables instant access to financial solutions for millions of underbanked individuals across 38 countries in emerging markets across Africa and the Middle East.
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.
