Opay
OPay raised $304 million in its US initial public offering on Friday, selling 16 million American depositary shares at $19 each, which values the company at about $4 billion. Trading began on the New York Stock Exchange on October 30 under the ticker OPAY.
OPay’s New York listing has given Nigeria’s digital finance sector a new test of how foreign investors value it.
The listing is significant for the sector. It makes OPay the first major Nigeria-focused fintech to list on a US exchange. The valuation also marks a jump from the $2 billion it was valued at when it raised $400 million in 2021.
Chief financial officer James Perry said the proceeds will go into technology and growth in Nigeria and other African markets. That matters in a market where, according to co-CEO Lars Boilesen, more than 60 per cent of the population is underserved by traditional banks and relies on cash. (headtopics) (headtopics)
OPay now serves that market at scale. Its prospectus put monthly active users at about 50.1 million as of July 31, 2026, across Nigeria, Egypt, Pakistan and Indonesia.
The company said it reached a $1 billion revenue run rate in the second quarter.
The listing does not automatically bring new features or lower fees. OPay has not promised either.
Nigerian investors may get a way in later. OPay is pursuing a secondary listing on the Nigerian Exchange, after approval by its board and shareholders. No date has been given, and the listing is subject to regulatory approvals.
Caution on pricing and profit
The offering was priced at the bottom of its range. It was guided at $19 to $21, in a market where inflation and a selloff in AI-related stocks have led several companies to delay listings. Analysts also flag profitability. The company is still balancing fast growth with uneven profits, and investors will watch its heavy reliance on Nigeria.
OPay’s listing is a test of how much global capital will back African and emerging-market fintechs. Citigroup, Deutsche Bank, Standard Bank and CICC underwrote the deal. Underwriters also hold a 30-day option to buy up to 2.4 million extra shares. The offering is expected to close on November 2, subject to customary conditions.
