OPay seeks up to $336 million in New York Stock Exchange listing

OPay, a payments and digital banking platform, plans to raise up to $336 million in a New York Stock Exchange listing with Citigroup and Deutsche Bank as top bookrunners, according to an updated SEC filing reported by Investing.com and Renaissance Capital. The filing also shows the company has applied to list under the ticker OPAY. MT Newswires, carried by Yahoo Finance, also reported the company is seeking as much as $336 million in the US listing.

The Singapore-headquartered company will market 16 million American depositary shares at $19 to $21 each, with each ADS representing 10 ordinary shares. Renaissance Capital put the planned raise at $320 million and the market cap at $4.2 billion. The smaller figure differs from the $336 million maximum in the SEC filing reported by Investing.com; both describe the same 16 million ADS offering.

Cornerstone and current institutional shareholders signalled they might buy as much as $270 million of the ADSs in the offering at the price set. Among those named in the filing are Coronation Africa Frontiers Fund, Redwheel via its RWC Asset Management arm, Sundt AS, Ludvig Lorentzen AS, a SoftBank-linked vehicle called SBVA, and Ninety One Asia, plus others.

Separately, Stanbic Africa Holdings, a subsidiary of Standard Bank Group, agreed to buy ordinary shares for up to $200 million in a concurrent private placement. The companies signed a memorandum of understanding to explore digital banking, payments and lending collaborations.

Investing.com described OPay as expanding a platform that combines payments, credit and digital wallets in Nigeria, Indonesia, Egypt and Pakistan.

In the year through June 30, 2026, OPay handled $558 billion in gross transaction value over 90.1 billion transactions and reported 50.1 million monthly active users. In the first half of 2026, revenue was $467.1 million, up from $197.5 million a year earlier, and net income was $90.9 million, up from $21.7 million.

Renaissance Capital said OPay ranked first among finance apps in Africa and the Middle East by monthly active users in the first half of 2026, with a 9.9% market share. The IPO research firm added that gross transaction value grew 143% and operating margin expanded to 28% over the same period, but that OPay depends heavily on Nigerian consumer spending.

After the New York listing, OPay intends to pursue a listing on the Nigerian Exchange, depending on market conditions and regulatory clearance.

The joint bookrunning managers for the US offering are Citigroup, Deutsche Bank, Standard Bank and CICC. Renaissance Capital listed Citigroup and Deutsche Bank as top bookrunners.

Update, October 25, 2026

Crowdfund Insider reported new details from OPay's updated SEC filing. The IPO would raise $304 million to $336 million before underwriting discounts and expenses, not counting any over-allotment shares.

For 2025, revenue climbed 161% to $536.3 million from $205.7 million, and the company swung to a net profit of $93.7 million from a $47.7 million loss a year earlier.

Lending income is now a major driver. Loan financing services generated $236.1 million in the six months ended June 30, 2026, compared with $88.1 million a year earlier, while transaction-based revenue advanced to $130.6 million from $69.9 million.

The platform processed $339.1 billion of transaction value in the opening half of 2026, versus $139.3 billion in the prior-year period. The number of daily active users climbed to 25.8 million from 17.6 million.

The company plans to spend IPO proceeds on general corporate purposes, including technology, distribution, product development, market expansion and possible acquisitions. B. Riley Securities and Needham & Company were named as additional underwriters alongside Citigroup, Deutsche Bank, Standard Bank and CICC.