OPay, the Nigerian payments and lending app, is preparing to list on the New York Stock Exchange in one of the most closely watched African tech IPOs in years. According to Launch Base Africa, the company is seeking a valuation of $4 billion to $4.4 billion, with pricing expected in early November 2026.

The IPO at a glance

• Exchange and ticker: New York Stock Exchange, under the symbol OPAY.

• Price range: $19 to $21 per American depositary share (ADS).

• Offering: 16 million ADSs, about $320 million at the midpoint before fees.

• Anchor investor: Standard Bank's Africa business has agreed to invest separately, reported at up to about $200 million.

• Total raise: roughly $475 million after costs, combining the public offering and the private placement.

• Float: the shares on offer represent only about 7.6% of the company.

• Second listing: OPay has approval to pursue a listing on the Nigerian Exchange after New York.

How OPay makes money

Founded in 2018, OPay once chased a super-app strategy that included motorbike taxis and food delivery before narrowing its focus to financial services. Today, lending is its biggest source of revenue, ahead of payments. The company reported 50.1 million monthly active users as of July 2026 and operates in Nigeria, Egypt, Indonesia and Pakistan, though Nigeria accounted for 89.5% of revenue in the first half of 2026.

The numbers are strong

OPay's growth is the core of its pitch to investors:

• First-half 2026 revenue rose about 137% to $467.1 million, from $197.5 million a year earlier.

• First-half net income jumped to $90.9 million, from $21.7 million.

• Full-year 2025 revenue was $536.3 million, and the company swung to a $72.5 million profit after a loss in 2024.

 

The risks investors will weigh

• Concentration: almost nine-tenths of revenue comes from Nigeria, so currency swings and local regulation matter a lot.

• A small float: with only about 7.6% of the company on offer, trading could be thin.

• Demand quality: Launch Base Africa notes that some of the early interest comes from existing shareholders, and that indications so far are non-binding.

• Lending exposure: as lending becomes the main earner, credit quality becomes a bigger part of the story.

Why it matters for African tech

A successful OPay listing would show global investors that an African-born consumer fintech can be profitable and scale, which could make it easier for other startups on the continent to raise money and plan their own exits. A weak debut would do the opposite. Either way, African founders and investors will be watching closely.

The bottom line

OPay arrives at Wall Street with rare credentials for an African startup: fast growth, real profits and a major bank as an anchor investor. Its biggest test will be convincing public investors that one market and a thin float are risks worth taking.