OPay raises $304m in NYSE debut, targets Nigerian investors

OPay, a SoftBank-backed fintech company, has successfully raised $304 million through its initial public offering (IPO) on the New York Stock Exchange. The IPO marked OPay's entry into the US public market at an estimated valuation of $4 billion. The company sold 16 million American depositary shares at $19 each, which was at the lower end of its initial price range of $19 to $21.

Trading commenced on Friday using the ticker OPAY. OPay's IPO provides an opportunity to attract international capital market investors and broaden its ownership beyond existing shareholders. Citigroup, Deutsche Bank, Standard Bank, and China International Capital Corporation served as joint book-running managers for the offering.

The company expects the offering to close on November 2, subject to customary closing conditions. OPay's listing comes as the company aims to deepen its presence in the capital markets beyond the United States, with plans for a secondary listing on the Nigerian Exchange Limited.

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