SoftBank-backed OPay Ltd., the parent company of Nigeria’s leading digital banking platform, priced its initial public offering at $19.00 per share, hitting the low end of its $19.00 to $21.00 range. The Singapore-based fintech firm sold 16 million American Depositary Shares (ADS) to raise $304 million late Thursday, securing a market capitalization of approximately $4.0 billion upon pricing. Trading is slated to begin Friday on the New York Stock Exchange under the ticker symbol OPAY.
The offering drew strong participation from institutional buyers, with nine cornerstone investors indicating interest in purchasing up to $270 million of the stock. Major participants included RWC Asset Management and the Coronation Africa Frontiers Fund. Additionally, OPay conducted a concurrent private placement of roughly $200 million in ADS with Stanbic Africa Holdings.
Founded in 2017 by Chinese billionaire James Zhou, OPay has expanded its footprint beyond Nigeria into emerging markets like Indonesia, Egypt, and Pakistan. For the 12-month period ending June 30, 2026, the company reported $805.83 million in revenue and a net income of $49.85 million. Citigroup, Deutsche Bank Securities, Standard Bank, and CICC served as joint book-runners for the transaction.
