Optasia (OPA) investor relations material

Offer structure and IPO details

• Initial public offering on the Johannesburg Stock Exchange, targeting institutional investors via private placement.

• Primary issue aims to raise ZAR1.3 billion ($75M) for growth and acquisitions; secondary sale of ZAR5.0 billion ($300M) by existing shareholders.

• Offer price range set at ZAR15.50–ZAR19.00 per share, with lock-up periods of 180 days for selling shareholders and 365 days for directors.

• Greenshoe option of up to 15% of base deal size, fully secondary.

• Syndicate includes Moelis (advisor), Morgan Stanley, Standard Bank, and Investec as bookrunners.

Business model and financial performance

• Operates a capital-light, highly profitable model with minimal risk exposure, leveraging partnerships for loan funding.

• Micro Financing Solutions now contribute 62% of revenue, up from 1% in 2019, reflecting a strategic shift.

• HY2025 revenue reached $117M, with an adjusted EBITDA margin of 45.9%; FY2024 revenue was $151M.

• Default rates remain low (1.1% in HY2025), supported by robust AI-driven underwriting and diversified product mix.

• Net working capital is operationally driven, with recent increases due to rapid MFS expansion and expected to stabilize.

Market position and growth

• Serves c.121 million monthly active users across 38 emerging markets, with over 860 million total accessible base.

• Over 32 million successful loan transactions processed daily, supported by 49 distribution partners and 13 financial institutions.

• Deep pipeline of 147 identified growth opportunities, with $220M potential annual revenue.

• Focused on financial inclusion, targeting underbanked populations and SMEs with real-time micro-financing and airtime credit solutions.

• Strategy centers on scaling proven models, expanding in Africa and Asia, and developing new products and partnerships.