OPay filed for a US initial public offering on 9 October and applied to list American depositary shares on the New York Stock Exchange under the symbol OPAY. The preliminary filing did not disclose the number of shares or a price range. The registration statement must become effective before securities can be sold.
The Africa-focused digital payments company reported revenue of $467.1 million for the six months ended 30 June 2026, up from $197.5 million a year earlier. Net income rose to $90.9 million from $21.7 million. Nigeria generated $417.61 million, representing 89.5% of first-half revenue.
NIGERIA REMAINS THE COMMERCIAL CENTRE
Stanbic Africa Holdings agreed to buy up to $200 million of ordinary shares in a concurrent private placement, subject to the public offering closing and other conditions. The commitment would provide additional capital alongside the IPO. SoftBank entities held 6.6% before the offering, according to the filing.
OPay provides payments and lending services in Nigeria, Egypt, Indonesia and Pakistan. Citi, Deutsche Bank, Standard Bank and CICC are among the underwriters named in the filing. The company is incorporated in the Cayman Islands and lists its principal executive offices in Singapore.
TERMS AND TIMING REMAIN OPEN
Reuters reported that OPay intends to pursue a secondary listing in Nigeria after completing the NYSE transaction. That step would depend on the US offering and subsequent regulatory and market processes. The preliminary prospectus does not set a timetable.
Investors will next watch for an amended filing that supplies the share count, price range and expected proceeds. Those terms will determine the capital raised and the balance between primary and secondary shares. Until then, the filing marks an intention to list rather than a completed flotation.