Nigerian fintech company OPay has raised $304m from its initial public offering and commenced trading on the New York Stock Exchange, marking a major milestone for the company’s expansion into the international capital market.
The company, backed by Japan’s SoftBank Group, sold 16 million American Depositary Shares at $19 each, valuing it at approximately $4bn.
The shares were priced at the lower end of the projected range of $19 to $21.
The listing comes amid challenging conditions in the global stock market, with inflation and concerns over company valuations weighing on investor sentiment towards new public offerings.
Speaking at the listing ceremony, OPay’s co-Chief Executive Officer, Lars Boilesen, described the development as a significant milestone in the company’s journey from meeting financial needs in Nigeria to gaining recognition in the United States.
“We are proud to be the first Nigerian fintech to list in the US on the New York Stock Exchange,” he said.
Boilesen disclosed that OPay currently serves more than 50 million monthly active users across Nigeria, Egypt, Pakistan and Indonesia.
He also said the company recorded a 9.9 per cent market share in Africa and the Middle East, based on monthly average users in the first six months of 2026.
According to him, the listing would strengthen the company’s capacity to expand its financial services into other African countries, particularly communities with limited access to conventional banking services.
“We will now expand to other countries in Africa where people do not have access to banking. And we want to go and do financial inclusion in these markets as well,” he said.
He added that OPay would remain committed to providing reliable, affordable and secure financial services while creating value for customers, businesses and communities.
The company also granted its underwriters a 30-day option to purchase an additional 2.4 million American Depositary Shares to cover possible over-allotments.
The option is expected to close on November 2.
OPay’s move to the US capital market follows months of preparations for its proposed public offering.
In May, the fintech was reported to be working with Citigroup, Deutsche Bank and JPMorgan Chase on a potential US listing targeting a valuation of approximately $4bn.
On August 18, South Africa’s Standard Bank Group reportedly began discussions to acquire a stake in the company ahead of the planned listing.
The proposed investment was expected to give the lender exposure to OPay’s digital payments business in Nigeria.
OPay subsequently filed a registration statement with the United States Securities and Exchange Commission on October 9, seeking approval to offer its American Depositary Shares to public investors.
In the filing, the company also disclosed a separate agreement with Stanbic Africa Holdings Limited, a subsidiary of Standard Bank Group, for the purchase of ordinary shares through a private placement.
Meanwhile, Michael Harris, Vice-Chairman and Global Head of Capital Markets at the New York Stock Exchange, said the exchange was proud that OPay had selected it as its listing destination.
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