OPay has put a price on its New York listing. An amended registration statement filed with the US Securities and Exchange Commission on 23 October says the company will sell 16 million American depositary shares (ADSs) at between $19 and $21 each, under the ticker OPAY on the New York Stock Exchange. Each ADS represents ten ordinary shares.
That is a raise of about $304m to $336m, before the underwriters' option to buy 2.4 million more ADSs. The filing says about 2.1 billion ordinary shares would be outstanding after the offering and a concurrent private placement, which would put OPay's value at about $4.4bn at the top of the range. Citigroup, Deutsche Bank, Standard Bank and CICC are among the underwriters.
Who is lining up
- Nine investors have indicated interest in buying up to $270m of ADSs at the IPO price, including Redwheel and the Coronation Africa Frontiers Fund (up to $50m each) and existing shareholder SBVA, formerly SoftBank Ventures Asia (up to $20m). The filing stresses these are not binding.
- Stanbic Africa Holdings, part of Standard Bank Group, has agreed to buy shares in a private placement worth up to $200m, capped at 4.99% of the company.
- OPay's board and shareholders have approved a secondary listing on the Nigerian Exchange after the US debut, subject to Nigerian rules and market conditions.
A lender as much as a wallet
The filing shows how far OPay has moved beyond transfers. Loan financing services brought in $236.1m in the six months to June, against $130.6m from transaction-based services. Provisions for expected credit losses were $118.4m over the same period. The company swung from a $50.8m net loss in 2024 to a $72.5m profit in 2025, and held $918.7m in cash and short-term investments at the end of June.
Nearly 90% of OPay's revenue comes from Nigeria, according to The Paypers. For Nigerian readers, the listing is a test of whether a home-grown consumer fintech can win a premium from US investors, and the planned local listing could later let Nigerians buy in. The price range can still change before the shares are sold.
