OPay debuts on NYSE bell, raises $304m in IPO

Abdullateef Fowewe

SoftBank-backed OPay Limited has made its public market debut on the New York Stock Exchange on Friday, October 30, 2026, after pricing its initial public offering at $19 per American Depositary Share.

The Nigeria-focused digital financial platform sold 16 million ADSs at the low end of its $19–$21 range, raising approximately $304 million and valuing the company at about $4 billion.

Trading began under the ticker symbol OPAY.

Underwriters have a 30-day option to purchase up to an additional 2.4 million shares.

The offering is expected to close on November 2.

To mark the occasion, Co-CEO Lars Rahbaek Boilesen and Shamsuddeen Usman rang the NYSE Opening Bell.

At the ceremony, NYSE Vice Chair Michael Harris welcomed the company, noting that the Exchange has stood for over 230 years as a symbol of access to capital and opportunity.

“Access to financial services is one of those powerful drivers of economic opportunity. Mobile technology has been at the forefront of progress across Africa,” Harris said.

He added that the IPO gives global investors access to fast-growing consumer markets, provides OPay with capital to build new products and partnerships under higher accountability, and demonstrates the strength of U.S. capital markets in bringing together a company serving three continents with investors from Africa, Asia, Europe and North America.

OPay Co-CEO Lars Boilesen thanked the NYSE and viewers watching from Nigeria and other offices, saying “this moment belongs to all of you.”

He continued, “Our journey is just beginning. In Nigeria, an estimated 40 million adults remain outside the formal financial system. Even within our home market, there is still significant headroom.”

OPay launched in Nigeria in 2018 as a digital payments and financial services platform.

Founded by Chinese entrepreneur Yahui Zhou (also known as James Zhou), the company has grown into one of Africa’s leading fintechs.

It now serves more than 50 million monthly active users across Nigeria, Egypt, Pakistan and Indonesia, with Nigeria accounting for the large majority of its revenue.

In the 12 months to June 30, 2026, OPay processed $558 billion in gross transaction value and held a 9.9 per cent market share in Africa and the Middle East by monthly active users.

SoftBank entities held a stake prior to the offering.

The company plans to use the IPO proceeds for growth, including technology, distribution, market expansion and possible acquisitions.

A secondary listing on the Nigerian Exchange is also under consideration, Dailyeconomy gathered.