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# Nigeria-focused OPay raises $304 million in New York IPO at a valuation of about $4 billion
- URL: https://www.theglobalbanker.com/nigeria-focused-opay-raises-304-million-in-new-york-ipo-at-a-valuation-of-about-4-billion/
- Published: 2026-10-30T18:57:49.000Z
- Updated: 2026-10-30T18:57:49.000Z
- Description: OPay sold 16 million American depositary shares at $19 each against a $19 to $21 range, raising $304 million and valuing the Nigeria-launched fintech at about $4 billion.
- Author: TGB Editorial Team
- Tags: Fintech, Africa, #newsroom, #needs-photo

OPay raised $304 million in its US initial public offering, the company said on Friday, according to Reuters. The [Nigeria](https://www.theglobalbanker.com/market-nigeria/)\-focused digital finance platform sold 16 million American depositary shares at $19 apiece, against a targeted range of $19 to $21, giving it a valuation of about $4 billion.

The shares were expected to begin trading on the New York Stock Exchange on 30 October under the ticker OPAY. The pricing came as stubborn inflation and a selloff in AI-related stocks weighed on investor sentiment and prompted several companies to delay their listing plans, Reuters reported. OPay had raised $400 million in 2021 at a valuation of $2 billion.

## HOW THE OFFERING WORKS

OPay granted the underwriters a 30-day option to buy up to 2.4 million additional ADSs to cover over-allotments, and the offering is expected to close on 2 November, subject to customary closing conditions. Each ADS represents 10 ordinary shares, according to Technext.

Citigroup Global Markets, Deutsche Bank's Hong Kong branch and The [Standard Bank](https://www.theglobalbanker.com/rankings-africa/) of South Africa are the joint book-running managers. OPay is backed by SoftBank, whose entities owned a 6.6% stake, according to Reuters.

## A LENDER AS MUCH AS A PAYMENTS APP

Launched in Nigeria in 2018, OPay says it serves over 50 million users across Nigeria, Egypt, Pakistan and Indonesia, connecting consumers and businesses outside the traditional banking system to payments, transfers, savings, credit and merchant services.

Revenue in the first half of 2026 was $467.1 million, more than double the $197.5 million of a year earlier, and net income rose to $90.9 million from $21.7 million, according to Dabafinance. Nigeria accounted for 89.5% of revenue in the period. For 2025 OPay reported $536.25 million of revenue and $72.47 million of net profit, after a $50.83 million loss in 2024.

Credit now drives the revenue line, according to GL Insight, which said the F-1 filing showed loan financing revenue of $236.1 million in the first half, against $130.6 million from transaction-based services. Loans are booked through OPay Microfinance Bank, which holds a Central Bank of Nigeria licence, and the headline NPL ratio fell to 4.3% at 30 June from 4.8% a year earlier.

Stanbic Africa Holdings has agreed to invest up to $200 million in a concurrent private placement, and OPay plans a secondary listing on the Nigerian Exchange, which remains subject to market conditions, regulatory approval and NGX rules.

## THE TGB VIEW

A market valuation is not the same measure as book capital, but at about $4 billion OPay is valued above the shareholders' equity reported by Zenith Bank (US$3.4bn), United Bank for Africa (US$2.9bn) and Access Holdings (US$2.7bn), three of the Nigerian lenders in TGB's ranking of Sub-Saharan Africa's largest banks by total assets. Its reach is in lending: the filing cited estimates giving OPay about 57.4% of Nigerian digital loan disbursements in 2025, and loan financing already earns more than its transaction services. The offering is expected to close on 2 November, and the planned Nigerian Exchange listing was, at the time of the filing, subject to regulatory approval and NGX rules.

*Related: [Standard Bank agreed OPay investment tied to New York listing](https://www.theglobalbanker.com/standard-bank-agreed-opay-investment-tied-to-new-york-listing/)*