Waha Capital exits Optasia: Abu-Dhabi listed investment management company Waha Capital fully divested its stake in Optasia following the Dubai-based AI-powered fintech’s IPO on the Johannesburg Stock Exchange (JSE), earning USD 119 mn in proceeds and a 4x return on its initial investment and 25% internal rate or return (IRR), it said in a press release (pdf).

The IPO raised ZAR 6.5 bn (USD 375 mn), with the company holding a market cap of ZAR 23.5 bn at (USD 1.3 bn) at listing. Optasia’s shares hit the JSE yesterday, rising in intraday trading and closing flat at ZAR 19.38. Meanwhile, Waha Capital’s stock were also flat, ending the day at AED 1.69.

Background: Waha first acquired a 20% stake in the company back in 2017, before trimming its holding to 9.3% ahead of the IPO through a series of partial exits. The exit coincides with South Africa’s FirstRand acquiring a 20.1% stake in Optasia last week. Founded in 2012, Optasia operates in 38 emerging markets across Africa, the Middle East, and Asia. Its AI-led platform provides microfinancing and airtime credit services through distribution partners and financial institutions, giving it access to 860 mn mobile subscribers.

The company is now eyeing expansion in Africa, Asia and Latin America, with plans to pursue acquisitions in the latter two, CEO Salvador Anglada told Bloomberg. It also plans to widen its credit offerings to include buy-now-pay-later and virtual credit, Anglada said.

OTHER DIVESTMENT NEWS-

The Abu Dhabi Investment Authority (ADIA), alongside other investors, divested most of their stake in the French car-leasing firm Ayvens SA, according to terms seen by Bloomberg. The investors offered about 87 mn shares, which were estimated to be priced at EUR 10.8 (USD 12.45) per share, retaining only 1% holding to support remaining contingent liabilities. This would give the offering, which saw strong demand and was covered multiple times over, a value of EUR 940 mn.

Who’s involved? The consortium of sellers also includes TDR Capital, Singapore’s GIC, and pension funds ATP and PGGM. Ayvens agreed to acquire EUR 275 mn worth of the shares as part of a buyback program.

The consortium has been trimming its stake for a while, executing three previous share sell-downs in Ayvens this year, totalling over EUR 1.2 bn and amounting to 17% of its share capital, according to an STJ Advisors press release. It sold shares worth EUR 450 mn in May and EUR 335 mn in June through block trades.

ADVISORS- Barclays, Bank of America, Deutsche Bank AG, and Societe Generale arranged the offering.

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