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OPay sold 16 million American depositary shares at $19 each, raising $304 million.
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The Nigeria-focused fintech was valued at about $4 billion, double its 2021 valuation of $2 billion.
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The company had 50 million monthly active users as of July 31, according to its IPO prospectus.
October 30, (THEWILL) – SoftBank-backed fintech company OPay has raised $304 million in its initial public offering in the United States, securing a listing on the New York Stock Exchange as it seeks to expand its position in the digital financial services market.
The company sold 16 million American depositary shares at $19 each, the lower end of its proposed price range of $19 to $21. The offer values OPay at approximately $4 billion.
The listing comes amid a challenging environment for new stock market entrants, with persistent inflation and a selloff in artificial intelligence-related stocks weighing on investor sentiment. Market volatility and concerns over company valuations have also prompted some businesses to postpone their planned listings.
Despite the conditions, OPay has proceeded with its offering, giving investors an opportunity to gain exposure to a fintech business operating in emerging markets, where gaps in traditional banking infrastructure continue to create demand for digital financial services.
From A $2bn Valuation To US Listing
Founded in 2018 by Chinese entrepreneur Yahui Zhou, OPay provides payments, money transfers, savings and loan services through a single digital platform.
The company operates across emerging markets, including Nigeria and Indonesia, targeting consumers and businesses that face limitations in accessing conventional financial services.
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Its latest valuation represents a doubling of the $2 billion valuation it secured in 2021, when it raised $400 million in a funding round.
OPay reported approximately 50 million monthly active users as of July 31, according to its IPO prospectus, underscoring the scale of its customer base ahead of the listing.
SoftBank entities held a 6.6 percent stake in the fintech before the IPO, according to the filing. The Japanese investment group’s involvement adds to the profile of the offering, although its stake represents a minority interest.
Major Banks Lead Offering
OPay will trade on the New York Stock Exchange under the ticker symbol OPAY.
Citigroup, Deutsche Bank, Standard Bank and China International Capital Corporation are among the underwriters managing the offering.
The $304 million raise provides OPay with access to public-market capital as it pursues opportunities in digital payments and other financial services across emerging economies.
For Nigeria’s fintech sector, the listing also represents a significant international capital-market milestone for a company with a substantial operating presence in the country. However, the IPO’s valuation and fundraising success will ultimately be tested by the company’s ability to sustain user growth, expand revenue and demonstrate a clear path to profitability as a publicly listed business.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
