OPay raises $304m in New York listing, valued at about $4bn
- OPay sold 16 million American depositary shares at $19 each in its US initial public offering.
- The price was at the bottom of its $19 to $21 range, valuing the fintech at roughly $4.01 billion.
- The company rang the opening bell at the New York Stock Exchange on Friday under the ticker OPAY.
Nigerian fintech OPay has raised $304 million in its initial public offering (IPO) in the United States, selling 16 million American depositary shares at $19 each. The shares began trading on the New York Stock Exchange (NYSE) on Friday under the ticker OPAY.
The offer price sat at the bottom of the $19 to $21 range the company had indicated, according to its filing. At $19 a share, OPay is valued at about $4.01 billion, BusinessDay reported.
The company also gave its underwriters a 30-day option to buy up to 2.4 million more shares to cover over-allotments, an option expected to close on November 2.
OPay's Co-CEO Lars Boilesen, who rang the opening bell at the exchange alongside Shamsuddeen Usman, said the listing was a major moment in the company's journey from serving everyday financial needs in Nigeria to recognition on one of the world's biggest markets. He said the firm would stay focused on widening access to reliable, affordable and secure financial services.
What the listing means for users
OPay started operations in 2018 and offers payments, money transfers, savings and loans through one app, mainly in Nigeria and Indonesia. Its pitch is to reach people and small businesses that conventional banking has left out.
According to its IPO prospectus, the company had about 50 million monthly active users as of July 31, 2026. It previously raised $400 million in 2021 at a valuation of $2 billion, so the new listing roughly doubles that figure.
SoftBank entities held a 6.6 per cent stake before the offering. Citigroup, Deutsche Bank, Standard Bank and CICC are among the underwriters managing the sale. Vanguard reported that OPay was founded by Chinese billionaire Yahui Zhou, who also set up gaming company Beijing Kunlun Tech.
The listing comes at a difficult time for stock markets. Persistent inflation and a selloff in artificial intelligence-related stocks have soured investor mood, and several companies have postponed their own listings as volatility makes it harder to attract buyers and get a good price.
For Nigerians who use OPay for transfers, airtime and bill payments, the listing does not change day-to-day service. But a public company faces more scrutiny of its finances and must report to shareholders, which could shape how it prices services and expands.
What happens next
The underwriters' option to buy extra shares is expected to close on November 2. Trading under the OPAY ticker continues on the NYSE.
