OPay raises $304 million in NYSE IPO — Premium Times Nigeria

In the United States, Nigeria-focused digital financial services company OPay listed on the New York Stock Exchange and raised $304 million in an initial public offering. The company’s market capitalization exceeded $4 billion after the listing, Premium Times Nigeria reports.

Trading in OPay’s American depositary shares began on Friday. The company set the offering price at $19 per share and sold 16 million shares. Each American depositary share represents 10 OPay ordinary shares.

Offering parameters

According to the company, the U.S. Securities and Exchange Commission declared its registration statement effective on October 29. The offering was expected to close on November 2.

OPay Co-Chief Executive Officer Lars Boilesen said that the platform has more than 50 million monthly active users in Nigeria, Egypt, Pakistan and Indonesia. According to him, in the first half of 2026, the company’s share in the markets of Africa and the Middle East by average monthly number of users was 9.9%.

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Boilesen also noted that about 40 million adults in Nigeria, according to the company’s estimate, remain outside the formal financial system. Another co-CEO, Stephen Wen, linked opportunities for further expansion to growing smartphone penetration and demand for affordable financial services in emerging markets.

Financial performance and plans

Chief Financial Officer James Perry said that in the second quarter of 2026, OPay reached an annualized revenue run rate of $1 billion. According to him, over the first six months of the year, the company recorded 137% year-on-year growth, while its net margin was 19%.

OPay plans to direct the IPO proceeds toward investments in technology and further growth in Nigeria and other African markets. The company launched in Nigeria in 2018 and, in addition to payments, is developing savings, lending and merchant services.