OPay raises $304m in NYSE debut, plans Nigerian listing

OPay has raised $304 million through its IPO on the NYSE, valuing it at $4 billion.

What happened

The company offered 16 million American depositary shares at $19 each, which was at the lower end of its initial price range. The trading commenced under the ticker symbol OPAY, according to punchng.com.

Details and quotes

The IPO provides OPay access to international capital market investors and allows for broader ownership beyond existing shareholders. Citigroup, Deutsche Bank, Standard Bank, and China International Capital Corporation were the joint book-running managers for the offering. OPay also granted underwriters a 30-day option to purchase an additional 2.4 million shares, which could bring the total proceeds to approximately $349.6 million if fully exercised. The offering is expected to close on November 2, subject to customary conditions, as reported by punchng.com.

Plans for Nigerian listing

OPay plans a secondary listing on the Nigerian Exchange Limited (NGX), which would enable local investors to acquire stakes in the company. This move follows the approval by OPay's board and shareholders for the proposed Nigerian listing. The company aims to deepen its capital market presence beyond the United States, punchng.com noted.

Sources

• punchng.com: OPay raises $304m in NYSE debut, targets Nigerian investors
• bne IntelliNews: Nigeria-focused fintech OPay raises $304mn in New York IPO at near-$4bn valuation
• Vanguard: OPay raises $304m in US IPO, valued at $4bn

Prepared with AI from the sources below and our own data, reviewed by the editors before publishing.