OPay has put a price on its New York listing. In an amended filing with the US Securities and Exchange Commission on 23 October, the Nigerian payments company set a range of $19 to $21 for 16 million American depositary shares on the New York Stock Exchange under the ticker "OPAY". At the top of the range, that raises $336 million and values OPay at about $4.42 billion, more than double the roughly $2 billion it was worth after its 2021 funding round.
The terms were reported by Techpoint Africa and Reuters, and are set out in OPay's amended registration statement. All the shares are new. No existing shareholder is selling.
READ ALSO: OPay Files for a New York IPO After Making $90.9M in Six Months
Nine investors have already indicated interest in up to $270 million, about 80% of the offering at the top of the range.
The deal at a glance
| Item | Detail |
|---|---|
| Exchange and ticker | New York Stock Exchange, OPAY |
| Shares offered | 16 million ADSs, plus 2.4 million more if underwriters take up their option |
| Price range | $19 to $21 per ADS |
| Maximum raise | $336 million, or $386.4 million with the option |
| Valuation at top of range | About $4.42 billion |
| Underwriters | Standard Bank, Citigroup, Deutsche Bank, CICC, B. Riley Securities, Needham |
| Second listing | Planned on the Nigerian Exchange, subject to approvals |
Who is backing it
The indications of interest are not binding, but they give the deal a strong start. Redwheel and Coronation's Africa Frontiers Fund have each signalled up to $50 million. Ninety One, Sundt, SCC Foresight Ventures and 3W Fund Management are in for up to $30 million each, SBVA (formerly SoftBank Ventures Asia) and Ludvig Lorentzen up to $20 million each, and NGS Super up to $10 million. About $80 million of the total comes from existing shareholders or related parties.
Separately, Standard Bank's African holding company has agreed a private placement of up to $200 million, capped at a 4.99% stake, with a 12-month lock-up. At the $20 midpoint, Techpoint estimates OPay would raise about $475 million in total from the IPO and the placement.
What investors are paying for
OPay's growth since its last private round is the core of the pitch:
- Revenue of $467.1 million in the first half of 2026, up from $197.5 million a year earlier.
- Net income of $90.9 million in the same period, up from $21.7 million.
- A profit of $72.5 million for the whole of 2025.
- About 50 million people using it each month, as reported by Techpoint.
Lending is now a large part of the story. OPay earned $236.1 million from lending in the first half, about half its revenue, and set aside $118.4 million for expected credit losses. That ratio is the number investors will watch most closely. A payments app that earns half its money from loans carries a lender's risks, especially in an economy where inflation squeezes borrowers.
Why it matters beyond OPay
A successful listing would be the biggest test yet of whether global investors will pay for a Nigerian consumer fintech at scale. It follows MNT-Halan's debut in Cairo this month, where retail demand reached 43 times the shares on offer.
READ ALSO: MNT-Halan Rises 7% on Cairo Debut After Egypt's Biggest IPO
The planned Lagos listing matters too. It would give Nigerian investors a way to own a piece of a company millions of them use daily, although the filing warns that shares in Lagos may not be freely swappable with those traded in New York.
What it means if you use OPay
The listing raises new money for OPay and sells new shares. It does not change how your wallet, card or POS terminal works. What does change is scrutiny: as a listed company, OPay will publish detailed results every quarter, including how its loans perform and how much it sets aside for losses. For customers who borrow through the app, that public reporting is a useful window into how the business manages credit.
Lessons for founders
- Profit opens doors. OPay is listing as a profitable company, which sets it apart from many fintech listings of the 2021 boom.
- Anchor investors de-risk a listing. Lining up $270 million of interest and a $200 million bank placement before pricing sends a signal of confidence.
- Lending lifts revenue but raises scrutiny. Credit losses take up half of lending income, so loan quality will shape how the market values OPay after listing.
What to watch
OPay has not set a pricing date. The final price, whether the underwriters exercise their option, and how the shares trade in the first weeks will show whether New York's appetite for African fintech has returned. US markets are also nervous after a selloff in AI stocks, Reuters noted, which could affect timing.
At the top of its range, OPay would be worth more than twice its last private valuation, and it would arrive as a profitable company.
Sources: OPay's amended registration statement filed with the SEC on 23 October 2026; Techpoint Africa; Reuters.
