OPay Prices New York IPO at $19 a Share, Valuing It at $4.16 Billion
Key Facts
OPay priced its initial public offering on the New York Stock Exchange at $19 per American depositary share, the low end of the indicative range of $19 to $21, according to the company’s filing with the U.S. Securities and Exchange Commission. The offering comprises 16 million depositary shares, for gross proceeds of $304 million before expenses and commissions. Each depositary share represents 10 ordinary shares, the filing said. Based on the final price and the number of shares after the issuance, the company estimated its post-IPO market capitalization at about $4.16 billion. The pricing puts OPay’s payments and lending businesses before New York investors, while the price landing at the low end contrasts with first-half growth in revenue and profit.
OPay had set an indicative price range in a filing on October 23, 2026, before fixing the final price at $19 a share. Underwriters were granted an option to buy up to 2.4 million additional depositary shares to cover over-allotments within 30 days. That is separate from the 16 million shares offered in the base offering. The joint bookrunners are Citigroup Global Markets, Deutsche Bank Securities, Standard Bank of South Africa and China International Capital Corporation Hong Kong Securities, according to the filing. Citigroup is therefore a joint bookrunner; the bank’s stock is not what is managing the offering.
OPay revenue reached $467.1 million in the first half of 2026, compared with $197.5 million in the same period a year earlier, according to company financial data cited by Reuters. Net income rose to $90.9 million from $21.7 million. Revenue and profit growth coincided with an expansion in transaction activity: the company said in its filing that it processed 90.1 billion transactions worth a total of $558 billion in the 12 months ended June 30, 2026. It added that transaction volume grew 143% in the first half of 2026 from the same period a year earlier. The figures give a picture of the scale of activity accompanying the company’s entry into public markets.
OPay had 50.1 million monthly active users and 26.8 million daily active users as of July 31, 2026, according to the company’s filing. Monthly active users who were also active daily accounted for 54% on the same date. The platform operates in Nigeria, Indonesia, Egypt and Pakistan, offering digital payments and lending services, according to Reuters. In Nigeria, loan origination volume reached $1.56 billion in the 12 months ended June 30, 2026. The company also said loan volume grew 204% in the first half of 2026 from a year earlier, highlighting lending’s role alongside payments in its business.
OPay said it raised $400 million in 2021 at a valuation of $2 billion, according to Reuters. In the current offering, a subsidiary of Stanbic Africa Holdings agreed to invest up to $200 million in a concurrent private placement. That private investment is separate from proceeds from the public share sale, which total $304 million before expenses and commissions. The public offering and private placement provide two funding channels within the current transaction. The estimated market capitalization of about $4.16 billion is based on the final offering price and the number of shares after issuance, according to the company’s filing.
OPay applied to list depositary shares representing its ordinary shares on the New York Stock Exchange under the ticker OPAY, according to the offering filing. Completion of the offering remains subject to the exchange’s final approval of the listing application. The pricing announcement said trading was expected to begin on October 30, 2026, which alone does not establish that trading actually began. Citigroup shares closed at $125.76 on October 29, 2026, according to EL7 data. The available data do not link the stock’s movement to OPay’s offering or to investment banking activity.