Opay Prices IPO at $19 a Share, Raising $304 Million
Key Facts
Opay priced its initial public offering at $19 per American depositary share, the bottom of the $19 to $21 range, and sold 16 million shares to raise $304 million, according to IPO Scoop. The pricing puts gross proceeds at the announced total value of the shares sold, while the price came below the top of the previously set range. Opay had outlined the offering in a prospectus filed with the U.S. Securities and Exchange Commission on October 23, 2026. The offering gives investors the opportunity to buy depositary shares representing stakes in the company, while allowing Opay to raise capital through the U.S. stock market. The prospectus data show that the base offering remained at 16 million depositary shares.
Opay said in its prospectus that it is offering 16 million American depositary shares, each representing 10 ordinary shares. The company also granted underwriters an option to buy up to 2.4 million additional depositary shares within 30 days. The option allows the number of shares offered to increase if underwriters exercise it within the specified period, but it is separate from the 16 million-share base offering. The offering terms therefore include a specified base amount and a conditional additional option, and the option amount does not mean the additional shares have already been sold. The prospectus sets out the ratio between depositary shares and ordinary shares, a detail that clarifies the nature of the securities sold in the U.S. market.
In its financial results for the first half of 2026, Opay reported revenue of $467.1 million, compared with $197.5 million in the same period of 2025, according to data reported by Reuters via MarketScreener. Net income rose to $90.9 million from $21.7 million a year earlier. The comparison covers the six months ended June 30 of each year, placing revenue and profit growth in the pre-IPO period among the financial information the company made available to investors. The figures show revenue rising to more than twice its previous level, alongside an increase in net income. These results provide context on the company's performance ahead of the proposed U.S. listing of its depositary shares.
Alongside the public offering, Opay disclosed a concurrent private placement that it expects to generate net proceeds of about $183.6 million, according to the October 23 prospectus. That amount is an estimated net proceeds figure for the private placement, while $304 million is the gross proceeds from the public offering as announced at pricing. The company said it would use proceeds from the public offering and private placement for general corporate purposes, including investment in technology, distribution, new solutions and market expansion. It also said the funds may be used for potential acquisitions or strategic investments. The estimated private placement proceeds remain subject to the terms and approvals of the transaction, according to the disclosure.
The prospectus describes Opay as a Singapore-based company and says it has applied to list its depositary shares on the New York Stock Exchange under the symbol OPAY. The prospectus said completion of the listing is subject to final approval from the New York Stock Exchange. This means the IPO price announcement sets the terms of the sale, but does not by itself establish that trading in the shares has begun. The information provided did not specify a trading start date or a date for completing the listing after final approval. According to the prospectus, final approval remains a condition for completing the exchange listing.