EL7.AI
StocksMedium•30 October 2026•
4 min read

OPay Raises $304 Million by Pricing 16 Million Depositary Shares at $19

Key Facts

1OPay priced the offering at $19 per depositary share and sold 16 million shares, raising $304 million in gross proceeds.
2Each depositary share represents 10 ordinary shares, with an option to purchase up to 2.4 million additional shares within 30 days.
3OPay revenue in the first half of 2026 was about $467.060 million, compared with $197.477 million a year earlier; Nigeria accounted for 89.5% of it.
4Net income rose to $90.9 million in the first half of 2026 from $21.7 million a year earlier.
5Total transaction value reached $339.1 billion in the first half of 2026, up from $139.3 billion in the corresponding period of 2025.

OPay priced its initial public offering at $19 per American depositary share, the bottom of the proposed range of $19 to $21, and sold 16 million depositary shares to raise $304 million in gross proceeds, according to an IPO Scoop report published on October 29. Each depositary share represents 10 ordinary shares, according to the company’s filing with the U.S. Securities and Exchange Commission. The final price corrects the previously reported proceeds of $336 million; that figure was an estimate based on the top-end price of $21, not the proceeds from the completed offering. Gross proceeds do not include underwriting discounts and offering expenses. The company has applied to list the depositary shares on the New York Stock Exchange under the symbol OPAY, but completion of the offering is subject to final exchange approval, according to the filing.

The offering includes an option for underwriters to purchase up to 2.4 million additional depositary shares within 30 days to cover over-allotments. The filing also said a group of investors had expressed nonbinding interest in purchasing up to $270 million of depositary shares at the offering price; it stressed that these indications do not obligate the investors to buy. In parallel, the transaction included a concurrent private placement of ordinary shares to Stanbic Africa Holdings, a subsidiary of Standard Bank Group. Completion of the private placement is conditional on completion of the public offering and receipt of the necessary regulatory approvals. The company estimated net proceeds from the public offering at about $291 million at the midpoint of the price range, after underwriting discounts and expenses and excluding exercise of the option for additional shares; this is the filing’s estimate, not the final net proceeds at a price of $19.

OPay intends to use the net proceeds from the public offering and private placement for general purposes, including investment in technology and distribution, development of new solutions and market expansion, as well as potential acquisitions or strategic investments, according to the filing. The proposed use puts the proceeds at the heart of the company’s operating and expansion plans, without specifying separate amounts for each item. The company says its platform offers lending, payments and digital wallet services, and operates in Nigeria, Egypt, Pakistan and Indonesia. But revenue is heavily concentrated in Nigeria, which accounted for 89.5% of total revenue in the first half of 2026, according to a table in the filing. That concentration highlights the weight of the Nigerian market in the company’s current financial performance, despite its operations in other markets.

The company generated revenue of $467.060 million in the first half of 2026, compared with $197.477 million in the corresponding period of 2025, according to data in the filing. Net income rose to $90.9 million from $21.7 million over the same period, according to figures in the registration statement. Within the revenue mix, revenue from loan financing services jumped to $236.1 million, compared with $88.1 million a year earlier. The figures reflect simultaneous growth in revenue, net income and lending activity, while the largest share of revenue remains tied to Nigeria. The company also said total transaction value in the first half of 2026 rose 143% compared with the first half of 2025.

The filing shows that total transaction value reached $339.1 billion in the first half of 2026, up from $139.3 billion in the corresponding period of 2025. In the 12 months ended June 30, 2026, the platform recorded $558 billion in transactions across 90.1 billion transactions, and had 50.1 million monthly active users. OPay said it was the leading financial app in Africa and the Middle East, with a 9.9% market share by monthly active users during the six months ended June 30, 2026, citing data from Frost & Sullivan. These indicators link the platform’s reach with the growth in its activity in recent periods. After the primary listing it is seeking in New York, the company plans to seek a secondary listing on the Nigerian Exchange, subject to market conditions and regulatory approvals.