Nigeria-focused fintech OPay is seeking a valuation of up to $4.42 billion in a proposed initial public offering (IPO) in the United States, despite generating nearly 90% of its revenue from Nigeria, its largest market.
In a preliminary prospectus dated October 23, the company said it plans to offer 16 million American Depositary Shares (ADSs) at between $19 and $21 apiece, seeking to raise up to $336 million before any overallotment option.
OPay has applied to list the shares on the New York Stock Exchange (NYSE) under the ticker symbol OPAY. The proposed listing remains subject to regulatory requirements and final exchange approval.
The company intends to use the proceeds from the IPO and a concurrent private placement to invest in technology, expand its distribution network and geographic reach, develop new products, and pursue potential acquisitions and strategic investments.
Nigeria accounts for nearly 90% of revenue
Nigeria remains OPay’s dominant market despite its operations in other countries.
According to the prospectus, Nigeria accounted for 89.5% of the company’s revenue in the six months ended June 30, 2026. Indonesia contributed 8.9%, Egypt 1.1%, while other markets accounted for the remaining 0.5%.
The revenue concentration underscores the importance of Nigeria to OPay’s business, even as the company seeks access to international capital markets to finance its next phase of growth.
OPay reported revenue of $467.1 million in the first half of 2026, up from $197.5 million in the corresponding period of 2025. Net income rose to approximately $90.9 million from $21.7 million a year earlier, according to its US regulatory filing.
The figures highlight the company’s rapid growth as digital payments and other financial services expand across its core market.
Why OPay is listing in the United States
The proposed IPO will give OPay access to US public-market investors through American Depositary Shares, securities that represent shares in a foreign company and can be traded on a US exchange.
The NYSE listing would provide a route to raise capital from a broader pool of international investors while potentially increasing the company’s visibility among global financial institutions.
OPay’s proposed offering has also attracted interest from existing investors and other financial institutions. Investors including Redwheel Group and Coronation Africa Frontiers Fund have indicated non-binding interest in purchasing up to $270 million worth of ADSs.
Separately, Stanbic Africa Holdings has agreed to invest as much as $200 million through a concurrent private placement.
SoftBank entities held a 6.6% stake in OPay before the offering, according to the prospectus. Citigroup, Deutsche Bank, Standard Bank and China International Capital Corporation (CICC) are among the underwriters.
Nigerian listing may follow NYSE debut
Although OPay is pursuing its primary listing in the United States, it has also disclosed plans to pursue a secondary listing on the Nigerian Exchange Limited (NGX) after completing the proposed NYSE listing.
The company has obtained board and shareholder approval for the plan, according to its regulatory filing. However, a Nigerian listing would remain subject to market conditions, regulatory approvals and compliance with applicable listing requirements.
A secondary listing could provide Nigerian investors with a route to participate in the ownership of a fintech company whose business is heavily concentrated in the domestic market.
It would also create a potential link between OPay’s international fundraising ambitions and Nigeria’s local capital market.
OPay’s growth and expansion
Founded in 2018, OPay provides digital financial services, including payments, money transfers, savings and loans. Beyond Nigeria, its operations extend to Indonesia, Egypt and Pakistan, although its business activities differ across markets.
The company was founded by Chinese billionaire Yahui Zhou, who also founded Beijing Kunlun Tech, a Chinese gaming company that previously owned dating app Grindr.
OPay raised $400 million in 2021 at a valuation of $2 billion. Its prospectus also reported approximately 50 million monthly active users as of July 31, 2026.
The company’s proposed IPO would mark a significant step in its efforts to attract public-market capital as it expands its financial services business across emerging markets.
Nigeria has developed into one of Africa’s major fintech markets, with companies such as Moniepoint, Flutterwave and Interswitch operating across payments, digital banking and financial infrastructure.
For OPay, the proposed NYSE listing offers a means of tapping international capital while its revenue remains overwhelmingly dependent on Nigeria. The planned secondary listing on the NGX could subsequently give domestic investors an opportunity to participate in the company’s growth.
