Nigerian fintech OPay, supported by SoftBank, completed a US initial public offering on Friday, generating $304 million by issuing 16 million American depositary shares at $19 per share. The transaction values the company at roughly $4 billion and positions it for broader growth in digital financial services.
What price were the shares offered at?
The shares were sold at the lower bound of the targeted $19‑$21 range, with each American depositary share priced at $19. This pricing decision reflects the firm’s desire to secure investor commitment amid a challenging market backdrop.
How did market conditions affect the offering?
The IPO took place while inflation pressures persisted and AI‑related stocks experienced a broad sell‑off, dampening overall investor sentiment. Such volatility has led several firms to delay planned listings, as uncertainty over valuations makes it harder to attract capital at favorable terms.
Founded in 2018, OPay delivers a suite of digital financial products—including payments, money transfers, savings and loans—through a single mobile application. The platform targets gaps in banking infrastructure and limited access to traditional services across emerging economies such as Nigeria and Indonesia.
The company was created by Chinese billionaire Yahui Zhou, who also founded Beijing‑based gaming firm Kunlun Tech, the former owner of the dating app Grindr. Zhou’s background in technology and finance underpins OPay’s rapid expansion.
Prior to this offering, OPay secured $400 million in a 2021 funding round that placed its valuation at $2 billion. The new IPO therefore represents a substantial uplift in market worth.
According to the prospectus, OPay had about 50 million monthly active users as of 31 July 2026. Before the public offering, SoftBank‑related entities held a 6.6 percent stake in the fintech firm.
The underwriting team included Citigroup, Deutsche Bank, Standard Bank and CICC. Following the sale, OPay is slated to list on the New York Stock Exchange under the ticker symbol OPAY.