OPay Targets $366m in New York IPO at $4.42bn Valuation

By Adedapo Adesanya

Nigeria-focused fintech company OPay is seeking to raise up to $366 million through an initial public offering (IPO) in New York, which could value the digital payments firm at $4.42 billion.

The organisation is offering approximately 16 million American Depositary Shares at between $19 and $21 each and plans to list on the New York Stock Exchange under the ticker OPAY.

At the top of the proposed price range, OPay would be valued at more than twice the $2 billion valuation it secured during a $400 million fundraising round in 2021.

Stanbic Africa Holdings, a subsidiary of South Africa’s Standard Bank Group, has also agreed to invest up to $200 million in OPay through a private placement linked to the IPO.

However, the investment is subject to regulatory approvals, the completion of the public offering and ownership restrictions. Standard Bank’s stake in OPay after the listing must not exceed 4.99 per cent, meaning the final investment could be lower than $200 million.

OPay intends to use proceeds from the IPO and private placement to fund technology development, expand distribution, introduce new products, enter new markets and pursue potential acquisitions.

OPay’s prospectus showed that Nigeria generated 89.5 per cent of its revenue in the first half of 2026. Revenue rose by 137 per cent to $467.1 million during the period, while net income reached $90.9 million.

The company had about 50.1 million monthly active users and 26.8 million daily active users as of July 2026. Its platform processed 90.1 billion transactions, with a gross transaction value of $558bn in the 12 months to June.

OPay’s full-year revenue rose from $205.7m in 2024 to $536.3 million in 2025, when it recorded a net profit of $72.5 million after posting a loss of about $50.8 million the previous year.

In August, OPay and Stanbic Africa signed a memorandum of understanding to explore collaboration in digital banking, payments, lending, remittances and merchant services.

The proposed partnership could enable Standard Bank to distribute selected financial products through OPay’s consumer and merchant network, potentially extending its reach among customers underserved by conventional bank branches.

However, the agreement is exploratory, and the proposed products and services remain subject to relevant regulatory approvals and implementation decisions.