OPay Debuts on NYSE Under Ticker OPAY After $304 Million IPO at $19 per Share

Nigerian fintech platform OPay has begun trading on the New York Stock Exchange under the ticker $OPAY, following an initial public offering that valued the company at about $4 billion. The listing makes it the first major Nigeria-focused fintech to list in the United States, and it follows a period of weak sentiment in the US IPO market.

IPO Terms and Valuation

SoftBank-backed OPay said on Friday it has raised $304 million in its US initial public offering. The company sold 16 million American depositary shares at $19 apiece, at the bottom of its targeted range of $19 to $21, giving it a valuation of about $4 billion. OPay has also granted underwriters a 30-day option to purchase up to an additional 2,400,000 ADSs to cover over-allotments.

Citigroup Global Markets, Deutsche Bank AG Hong Kong Branch and The Standard Bank of South Africa are acting as joint book-running managers. The offering is expected to close on November 2, 2026, subject to customary closing conditions. Stanbic Africa Holdings Limited has also agreed to buy ordinary shares in a concurrent private placement, subject to completion of the offering and regulatory approvals.

The pricing came at a difficult time for new listings. Stubborn inflation and a selloff in AI-related stocks have weighed on investor sentiment, prompting several companies to delay their listing plans.

What OPay Does

OPay is a mobile payments and financial services platform that has built a large presence in Nigeria. Founded in 2018, OPay provides digital financial services across emerging markets, including Nigeria and Indonesia. It had about 50 million monthly active users as of July 31, according to its IPO prospectus.

Its consumer offerings include a mobile wallet, cashless payments, bill pay and savings products offered through a licensed microfinance bank in Nigeria. For merchants, OPay enables payment acceptance via POS devices, QR and app-based tools, and online checkout. Revenue comes mainly from transaction-based services, loan financing, loan facilitation and interest income from short-term investments. Beyond Nigeria, the company operates in Indonesia, Egypt and Pakistan.

Financial results have grown quickly. OPay's revenue rose 137% to $467 million in the first half of 2026, according to its filing, while net income more than quadrupled to $91 million.

The listing also gives early backers a public price. The fintech had raised $400 million in 2021 at a valuation of $2 billion, and SoftBank entities owned a 6.6% stake before the offering, according to the filing. The company has also secured board and shareholder approval for a secondary listing on the Nigerian Exchange, though no date has been announced.

The debut is likely to be watched as a reference point for African technology companies. Earlier African listings in New York, such as Jumia, have had mixed results.

Sources

Reuters via CNBC Africa: SoftBank-backed OPay raises $304 million in US IPO
Investing.com: OPay prices IPO at $19 per share on the New York Stock Exchange
The Next Web: Nigerian fintech OPay files for New York IPO