OPay lists on NYSE, raises $304m in IPO at $4 billion valuation

OPay, a Nigeria-focused digital financial services company, has listed on the New York Stock Exchange (NYSE), raising $304 million in its initial public offering (IPO) and securing a market capitalisation of more than $4 billion.

The company began trading on Friday, pricing its offering at $19 per American Depositary Share (ADS). It sold 16 million ADSs, with each representing 10 ordinary shares.

According to the company, the United States Securities and Exchange Commission declared its registration statement effective on 29 October, and the offering was expected to close on 2 November.

Lars Boilesen, OPay’s co-chief executive officer, said the listing marked a significant milestone for the company and Nigeria’s financial technology sector.

“Today, OPay serves over 50 million monthly active users across Nigeria, Egypt, Pakistan, and Indonesia. Since launching in Nigeria eight years ago, we have pioneered seamless digital payments to become the country’s leading digital financial platform,” he said.

Mr Boilesen said the company had recorded a 9.9 per cent market share across Africa and the Middle East based on monthly average users in the first half of 2026.

He said OPay saw further growth opportunities in Nigeria, where an estimated 40 million adults remained outside the formal financial system.

“Our journey is just beginning. In Nigeria, an estimated 40 million adults remain outside the formal financial system,” he said.

He added that the company intended to apply its experience in Nigeria to other emerging markets, where young populations and increasing mobile internet access were expanding demand for digital financial services.

Stephen Wen, another co-chief executive officer of OPay, said the company was positioned to expand across emerging markets, citing growing smartphone penetration and demand for accessible financial services.

“In Nigeria, more than 60 per cent of the population are underserved by traditional banks and rely on cash. As we grow, we will stay focused on solving our customers’ pain points to make financial services accessible and convenient,” he said.

James Perry, OPay’s chief financial officer, said the company had reached a $1 billion revenue run rate in the second quarter of 2026.

He said OPay recorded 137 per cent year-on-year growth and a 19 per cent net margin in the first six months of the year.

“OPay enters the public markets from a position of financial strength, reaching a $1 billion revenue run rate in Q2 2026. For the first six months of 2026, we grew 137% year-on-year and reached 19% net margin,” Mr Perry said.

He said the company planned to use the IPO proceeds to invest in technology and support growth in Nigeria and other African markets.

OPay has expanded beyond payments into savings, credit and merchant services, with plans to develop a broader financial and lifestyle platform.

Launched in Nigeria in 2018, OPay operates an integrated digital financial platform serving users in Nigeria, Egypt, Pakistan and Indonesia.