OPay Targets Up to $4.42 Billion Valuation in New York IPO
The Nigeria-focused payments company is offering about 16 million ADSs at $19 to $21 each, while Standard Bank has committed to a concurrent private placement of up to $200 million, subject to conditions.
LAGOS — Nigeria-focused payments company OPay is targeting a valuation of up to approximately $4.42 billion in a proposed New York Stock Exchange initial public offering. The company is offering about 16 million American Depositary Shares at a proposed price range of $19 to $21 each, according to current offering details.
At the top of the range, the primary offering would raise approximately $336 million before expenses, while the company’s broader financing plan includes a concurrent private placement of up to $200 million from Standard Bank through Stanbic Africa Holdings, subject to regulatory approvals and an ownership cap.
The IPO is proposed, not completed. The final price, share count, proceeds, valuation and trading outcome can change before pricing, and investors should rely on the company’s filed offering documents rather than an indicative range. Standard Bank’s commitment is also subject to the conditions described in the transaction materials.
OPay’s public-market test will put more scrutiny on the economics of digital payments in one of Africa’s largest markets. Growth in accounts and transactions matters, but so do take rates, fraud losses, regulatory costs, cash generation and the ability to turn payment activity into durable financial-services revenue.