Fintech OPay seeks up to $336 million in NYSE IPO at $19-$21 per ADS

OPay Limited, a mobile payments, savings and credit company that serves consumers and small businesses in Nigeria and Egypt, set an expected price of $19.00 to $21.00 per American depositary share for an initial public offering of 16,000,000 ADSs, according to an amended registration statement filed on October 23.

The offering

Each ADS represents ten ordinary shares. At the range, the offering would raise $304 million to $336 million before underwriting costs, a figure computed from the filing's share count and price range, and the underwriters can buy up to 2,400,000 more ADSs within 30 days. OPay has applied to list on the New York Stock Exchange under the symbol "OPAY."

The prospectus lists nine investors that "have, severally and not jointly, indicated non-binding interests in purchasing up to an aggregate of US$270 million worth of ADSs" at the offering price. They include the Redwheel Group and the Coronation Africa Frontiers Fund, up to $50 million each, and SBVA, formerly SoftBank Ventures Asia, which is an existing shareholder, up to $20 million.

The business and the numbers

OPay describes itself as "a digital financial platform built for the challenges of emerging markets." Citing Frost & Sullivan, it says it was the No. 1 finance app in Africa and the Middle East by monthly active users in the first six months of 2026, with a 9.9% market share. Its principal executive offices are in Singapore.

Revenue rose to $536.3 million in 2025 from $205.7 million in 2024. A net loss of $50.8 million in 2024 became net income of $72.5 million in 2025. In the six months to June 30, 2026, revenue was $467.1 million, up from $197.5 million, and net income was $90.9 million, up from $21.7 million. Nigeria contributed $417.6 million, or 89.5%, of revenue in that period. The company had cash, cash equivalents and short-term investments of $918.7 million at June 30.

The share price and number of ADSs are still estimates, and the offering is conditional on the exchange's final approval of the listing.