OPay Targets Up to $366 Million in U.S. IPO

Nigeria-focused digital payments company OPay is targeting a valuation of up to $4.42 billion in a proposed U.S. initial public offering, according to details reported by Reuters on October 23, 2026.

Offer details

OPay plans to price its American Depositary Shares between $19 and $21 apiece and list on the New York Stock Exchange under the symbol OPAY. Reuters reported that the company was seeking up to $366 million through the offering. Stanbic Africa Holdings has separately agreed to invest as much as $200 million through a concurrent private placement.

Citigroup, Deutsche Bank, Standard Bank and CICC are among the underwriters. Existing investors, including Redwheel Group and Coronation Africa Frontiers Fund, have indicated non-binding interest in buying up to $270 million of ADS. Stanbic Africa Holdings has separately agreed to invest as much as $200 million through the private placement.

Expansion plans

Founded in 2018, OPay offers payments, money transfers, savings and loans. It operates in Nigeria and has activities in Indonesia, Egypt and Pakistan. The company said it had about 50 million monthly active users as of July 31. It intends to use proceeds for technology, distribution and market expansion, new products, possible acquisitions and strategic investments.

The proposed listing arrives as higher inflation and a selloff in AI-related stocks weigh on the U.S. IPO market. The offering remains subject to market and listing conditions.

Sources

Reuters: OPay aims to raise up to $366 million in U.S. IPO