Fintech platform OPay files for $336 million U.S. initial public offering

Singapore-based fintech platform OPay Limited is planning to raise up to $336 million through an initial public offering (IPO) on the New York Stock Exchange. The offering will consist of 16 million American depositary shares (ADSs) with a price range of $19 to $21 per share, each representing 10 ordinary shares. The company has secured non-binding interest from several institutional investors, including RWC Asset Management, Coronation Africa Frontiers Fund, and SoftBank's SBVA entity, indicating strong demand for the offering.

Additionally, OPay is expanding its presence in Africa through a private placement with Stanbic Africa Holdings Limited, which will acquire up to $200 million worth of shares. This capital raise comes as OPay's financial performance improves, with a significant increase in transaction volume, revenue, and net income in the past year. Following the primary listing on the NYSE, OPay plans to list on the Nigerian Exchange Limited.

Brief written by urgent.news from Investing.com's own syndicated text. Machine-written — may contain errors; check the original before relying on it.