By Emmanuella Opara | October 31st, 2026
KEY POINTS
- SoftBank-backed fintech OPay raised $304m through its initial public offering on the New York Stock Exchange at an estimated valuation of $4bn.
- The company offered 16 million American depositary shares at $19 each, with trading beginning under the ticker symbol OPAY.
- OPay plans a secondary listing on the Nigerian Exchange, following approval by its board and shareholders.
- Its gross transaction value more than doubled to $358bn in 2025, while monthly active users rose to 39.3 million.
MAIN STORY
Nigerian fintech company OPay has raised $304m through its initial public offering on the New York Stock Exchange, marking its entry into the United States public market at an estimated valuation of $4bn.
The SoftBank-backed company offered 16 million American depositary shares at $19 each, the lower end of its initial price range of $19 to $21. Trading began on Friday under the ticker symbol OPAY.
The offering provides OPay with access to international capital market investors and an opportunity to broaden its ownership beyond existing shareholders.
Citigroup, Deutsche Bank, Standard Bank and China International Capital Corporation acted as joint book-running managers for the IPO.
OPay also granted the underwriters a 30-day option to purchase an additional 2.4 million shares to cover possible over-allotments. If fully exercised, the option could generate a further $45.6m, bringing total proceeds to approximately $349.6m.
The company expects the offering to close on November 2, subject to customary closing conditions.
Beyond its United States listing, OPay is pursuing plans to deepen its presence in Nigeria’s capital market through a proposed secondary listing on the Nigerian Exchange Limited.
The company disclosed in October that its board and shareholders had approved the proposed listing, which could give Nigerian investors an opportunity to acquire stakes in the fintech following its New York debut.
The move could also position OPay among the technology companies accessing Nigeria’s public equity market.
Its IPO follows substantial growth in its payments business. OPay processed $358bn in gross transaction value in 2025, more than double the $166.2bn recorded in 2024.
Monthly active users also increased to 39.3 million in 2025, compared with 25.1 million a year earlier, reflecting wider adoption of its digital financial services.
The company reported a short-term investment portfolio valued at $532.94m as of June 30, 2026, with a substantial portion invested through Nigerian asset management companies.
SoftBank entities held a 6.6 per cent stake in OPay before the IPO, according to the company’s regulatory filing.
THE ISSUES
OPay’s New York listing gives the fintech access to international investors and public market capital, while its proposed Nigerian secondary listing could extend investment opportunities to local shareholders.
The company’s transaction volumes and growing user base provide an indication of the scale of its payments business. However, the proposed NGX listing remains a separate process from its completed New York market debut.
The additional 2.4 million shares available to underwriters could also increase the total funds raised if the option is exercised.
WHAT’S NEXT
OPay expects its IPO to close on November 2, subject to customary conditions. The company is also expected to progress its proposed secondary listing on the Nigerian Exchange following the approval already secured from its board and shareholders.
BOTTOM LINE
OPay has raised $304m from its New York IPO at an estimated $4bn valuation, opening a new phase in its capital market expansion. Its proposed Nigerian listing could give local investors an opportunity to participate in the fintech’s growth.
