Nigerian fintech OPay plans to raise up to $336 million through an initial public offering (IPO) on the New York Stock Exchange.
In an amended filing dated October 23, 2026, OPay disclosed interest from nine investors. They indicated interest in buying up to $270 million in shares. That represents roughly 80% of the base offering at the highest proposed price. About $80 million of the interest comes from existing shareholders or related entities.
The proposed listing would give OPay fresh capital to expand its technology, distribution network and financial services. It would also let public-market investors buy into a fintech business with a substantial customer base in Nigeria.
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Investors Interested in OPay’s IPO
The African unicorn plans to sell 16 million American Depositary Shares (ADSs) at $19–$21 each under the ticker OPAY. Based on the roughly 2.11 billion shares expected to be outstanding after the deal, the top of the range would value the company at about $4.42 billion. However, investors’ expressions of interest are not binding, so final demand could change.
The figure is more than twice the $2 billion valuation OPay secured after raising $400 million in 2021. The underwriters can also purchase an additional 2.4 million ADSs, which could increase the total amount raised to as much as $386.4 million.
The biggest interest comes from Redwheel and the Coronation Africa Frontiers Fund, each indicating up to $50 million. Ninety One Asia and Sundt AS have each shown interest of up to $30 million, while Ludvig Lorentzen has also indicated interest with $20 million and NGS Super up to $10 million.
Among these, Coronation Fund stands out as the only cornerstone investor whose mandate is focused on Africa. Three other familiar investors are also involved. SCC Foresight Ventures and an affiliated entity, both connected to the SCC Entities that owned about 6.1 percent of OPay before the offering, have indicated commitments of up to $30 million.
3W Fund Management, which oversees one of OPay’s existing shareholders, has also indicated a commitment of up to $30 million, and SBVA (formerly SoftBank Ventures Asia), which is already a shareholder, has indicated up to $20 million.
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In addition, an entity linked to SoftBank Vision Fund holds 6.6 percent of OPay ahead of the listing. All of these indications are non-binding, and the investors may ultimately purchase more shares, fewer shares, or none at all.
Standard Bank Unit to Invest $200M in OPay Alongside NYSE Listing
Alongside the public offering, Stanbic Africa Holdings, part of South Africa’s Standard Bank Group, is acquiring new OPay shares through a simultaneous private placement. The transaction has been widely described as a $200 million investment.
The filing, however, sets three limits, and Stanbic will pay the lowest. These limits are $200 million, the dollar value equivalent to 0.98 percent of Standard Bank Group’s qualifying regulatory capital, or the value of a 4.99 percent holding in OPay after the transaction.
Based on a midpoint price of $20, OPay estimates the placement at about $183.6 million for roughly 91.8 million shares, representing around 4.4 percent of the expanded company. The final amount will be confirmed at pricing using that day’s rand-to-dollar exchange rate. Stanbic will be restricted from selling the shares for 12 months.
The partnership extends beyond the investment itself. The two companies entered into a memorandum of understanding in August to explore ways to offer Standard Bank products through OPay’s consumer and merchant platform. The agreement also covers potential cooperation in merchant acquiring, payments, lending and remittances.
Once the placement is complete, Lungisa Fuzile, Standard Bank Group chief executive for Africa Regions, will join OPay’s board as a non-executive director. Standard Bank is also acting as one of the IPO underwriters, alongside Citigroup, Deutsche Bank, CICC, B Riley Securities, and Needham and Company. This group differs from what was reported in May, when JPMorgan was mentioned among the banks working on the deal. JPMorgan is not listed in the amended filing.
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OPay’s Track Record and Plans After the IPO
At the middle of the price range, OPay anticipates about $291 million in net proceeds from the public offering and $183.6 million from Stanbic, for a total of roughly $474.6 million. All the shares being offered are newly issued, and none of the current shareholders are selling their holdings.
The offering comes at a more challenging time than a few months earlier. Finimize notes that rising inflation and a retreat in stocks linked to artificial intelligence have made investors in the United States more cautious about new listings, leading some companies to delay their plans.
OPay has shown strong financial growth. Revenue rose to $467.1 million in the first half of 2026 from $197.5 million in the same period a year earlier, while net profit increased to $90.9 million from $21.7 million, building on the $72.47 million profit recorded in 2025. Lending has become its biggest segment.
Reports indicate that OPay generated $236.12 million from loans during the half-year period but set aside $118.36 million to cover anticipated credit losses. After listing on the New York Stock Exchange, OPay plans to pursue a secondary listing on the Nigerian Exchange, subject to market conditions and regulatory approval. This would allow Nigerian investors to own shares in the company directly.
