OPay, the African fintech company backed by SoftBank Group Corp., has started trading on the New York Stock Exchange following an initial public offering that raised $304 million. The company priced 16 million American depositary shares at $19 each, which was at the lower end of the initially indicated range of $19 to $21, according to a company filing. This valuation puts OPay at approximately $4.01 billion.
The underwriters have been granted a 30-day option to purchase an additional 2.4 million ADSs to cover over-allotments, with the option expected to close on November 2. The listing marks a milestone for the fintech, which launched operations in Nigeria in 2018 and has built its business around expanding financial inclusion through technology, offering digital payment services to individuals and businesses across the continent.
At the listing ceremony, Lars Boilesen, Co-CEO of OPay, characterised the development as a significant moment in the company's evolution from addressing everyday financial needs in Nigeria to gaining recognition on one of the world's most prominent financial markets. Boilesen stated that OPay would remain focused on improving access to reliable, affordable and secure financial services while creating value for customers, businesses and communities.
The NYSE listing represents a major milestone for African fintech companies seeking capital and global recognition, with OPay joining a small group of African technology firms that have successfully listed on major international exchanges. For savers and businesses in Nigeria, OPay's access to greater capital as a publicly listed company could mean expanded financial services, improved infrastructure and more competitive offerings in the digital payments space.