OPay lists on NYSE and raises $304m in IPO valuing firm at $4bn

OPay, the Nigeria‑focused digital financial services firm, started trading on the New York Stock Exchange on Friday after pricing its initial public offering at $19 per American Depositary Share. The IPO sold 16 million ADS, each representing ten ordinary shares, and generated $304 million, giving the company a market capitalisation of more than $4 billion.

The United States Securities and Exchange Commission declared OPay’s registration statement effective on 29 October and the offering was expected to close on 2 November. Co‑chief executive Lars Boilesen called the listing a milestone for OPay and Nigeria’s fintech sector, noting that the platform now serves over 50 million monthly active users across Nigeria, Egypt, Pakistan and Indonesia.

Boilesen said OPay held a 9.9 per cent market share across Africa and the Middle East based on monthly average users in the first half of 2026, and highlighted that an estimated 40 million adults in Nigeria remain outside the formal financial system. He added that the company intends to apply its Nigerian experience to other emerging markets where young populations and rising mobile internet access are driving demand for digital financial services.

Stephen Wen, the other co‑chief executive, echoed the growth outlook, pointing to increasing smartphone penetration and the need for accessible financial services in underserved markets. Chief financial officer James Perry reported that OPay reached a $1 billion revenue run rate in the second quarter of 2026, recorded 137 per cent year‑on‑year growth and posted a 19 per cent net margin for the first six months of the year.

Perry said the IPO proceeds will be used to invest in technology and support expansion in Nigeria and other African markets. OPay, launched in Nigeria in 2018, has already moved beyond payments into savings, credit and merchant services, and plans to develop a broader financial and lifestyle platform for its users.