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SoftBank-backed fintech OPay has raised USD 304 million in its US initial public offering. The company sold 16 million American depositary shares at USD 19 each and listed on the New York Stock Exchange under ticker OPAY.
The offering values the Nigeria-focused digital financial platform at about USD 4 billion. OPay priced the IPO at the lower end of its 19–21 target range.
OPay offers digital payments, savings and lending services in emerging markets. Nigeria remains its largest market, where the company operates one of the country’s leading digital banking platforms.
The listing marks a significant moment for African fintech. OPay becomes one of the region’s largest fintechs to enter US public markets, giving investors exposure to fast-growing digital finance adoption.
The company said the IPO will help it benefit from expanding digital finance across emerging economies. Public-market capital will also support its growth plans as competition intensifies among mobile money and digital banking providers.
SoftBank entities held a 6.6% stake in OPay before the offering. The Japanese investment group’s continued holding gives it exposure to the company’s next phase of expansion.
OPay granted underwriters a 30-day option to purchase up to 2.4 million additional ADSs. Underwriters can use this over-allotment option if demand supports a larger sale. Citigroup, Deutsche Bank, Standard Bank and CICC acted as underwriters for the IPO. The offering is expected to close on November 2.
The decision to price at USD 19, rather than the top of the range, suggests a measured approach from OPay and its bankers. The company secured a sizable raise while avoiding an aggressive valuation.
The IPO gives OPay a global investor base and a stronger balance sheet. It also puts the company’s growth strategy under closer public scrutiny as digital finance expands across Africa.
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