OPay applies for U.S. listing, plans to raise approximately $500 million

en.Wedoany.com Reported - On October 12, fintech company OPay plans to raise approximately $500 million through an initial public offering (IPO) on the New York Stock Exchange and a concurrent private placement, with the private financing portion amounting to up to $200 million. OPay Limited submitted an F-1 registration statement to the U.S. Securities and Exchange Commission on October 9, intending to list under the ticker symbol "OPAY." The company is backed by SoftBank Group and primarily operates digital payment businesses in Africa.

According to the listing filing, OPay plans to raise funds through the issuance of American Depositary Shares (ADS), with proceeds to be used for technology infrastructure, payment network expansion, development of new financial services, market expansion, and potential acquisitions and strategic investments. The offering involves new share financing, and the specific number of shares to be issued, price per share, final fundraising size, and listing date have not yet been determined.

OPay has signed a share subscription agreement with Stanbic Africa Holdings Limited, a subsidiary of Standard Bank Group. The agreement was signed on August 26, and the investor intends to subscribe for OPay ordinary shares upon completion of the IPO and receipt of necessary regulatory approvals. The subscription amount shall be the lowest of $200 million, 0.98% of Standard Bank Group's qualifying regulatory capital, and the amount corresponding to a 4.99% shareholding ratio upon completion of the transaction. The relevant shares are in principle subject to a 12-month lock-up period.

On October 9, Standard Bank Group officially announced its strategic investment arrangement in OPay. The two parties plan to cooperate in African digital banking, merchant acquiring, payments, lending, remittances, and distribution of financial products. The two companies previously signed a non-binding cooperation memorandum of understanding on August 14, and specific business projects still require separate agreements and corresponding approvals.

The IPO underwriting team includes Citigroup, Deutsche Bank, Standard Bank, and China International Capital Corporation (CICC), with B. Riley Securities and Needham & Company also participating in the offering arrangements. Trading settlement for the proposed shares will be handled through relevant U.S. securities market infrastructure, and the listing remains subject to final approval by the New York Stock Exchange.

OPay currently primarily provides digital wallet, transfer, merchant payment, and digital credit services in Nigeria, while also expanding into other emerging markets. According to third-party statistics cited in the company's prospectus, in the first half of 2026, OPay accounted for approximately 66.1% of monthly active users of financial apps in Nigeria. The company plans to use this fundraising to expand its technology systems, service network, and investment in new products.