OPay Goes Public on NYSE, Raises $304 Million in IPO

OPay, a digital financial services company based in Nigeria, has listed on the New York Stock Exchange (NYSE). They raised $304 million in their initial public offering (IPO) and now have a market value of over $4 billion.

The company started trading on Friday. They priced their offering at $19 per American Depositary Share (ADS). OPay sold 16 million ADSs, with each representing 10 regular shares.

The United States Securities and Exchange Commission declared its registration statement effective on 29 October. The offering is expected to close on 2 November.

Lars Boilesen, co-CEO of OPay, said this listing is a big step for the company and for Nigeria’s financial technology industry.

“Today, OPay serves over 50 million monthly active users across Nigeria, Egypt, Pakistan, and Indonesia. Since launching in Nigeria eight years ago, we have pioneered digital payments to become the country’s leading digital financial platform,” he said.

Mr Boilesen mentioned that OPay has achieved a 9.9 percent market share in Africa and the Middle East based on monthly average users in the first half of 2026.

He pointed out that OPay sees more growth potential in Nigeria, where about 40 million adults do not use formal financial services.

“Our journey is just beginning. In Nigeria, an estimated 40 million adults remain outside the formal financial system,” he said.

He added that the company wants to use its experience in Nigeria to grow in other emerging markets, where young people and better internet access are increasing the need for digital financial services.

Stephen Wen, another co-CEO of OPay, said the company is ready to grow in emerging markets. He noted the rise in smartphone use and the demand for easy financial services.

“In Nigeria, more than 60 percent of the population are underserved by traditional banks and rely on cash. As we grow, we will focus on solving our customers’ pain points to make financial services accessible and convenient,” he said.

James Perry, OPay’s chief financial officer, said the company has reached a $1 billion revenue run rate in the second quarter of 2026.

He reported that OPay achieved 137 percent year-on-year growth and a 19 percent net margin in the first half of the year.

“OPay enters the public markets from a position of financial strength, reaching a $1 billion revenue run rate in Q2 2026. For the first six months of 2026, we grew 137% year-on-year and reached 19% net margin,” Mr Perry said.

He mentioned that OPay plans to use the IPO proceeds to invest in technology and support growth in Nigeria and other African markets.

OPay has gone beyond just payments and is now into savings, credit, and merchant services. They plan to create a wider financial and lifestyle platform.

Launched in Nigeria in 2018, OPay provides an integrated digital financial platform for users in Nigeria, Egypt, Pakistan, and Indonesia.