OPay Ltd. (OPAY Proposed), the parent of Nigeria’s No. 1 digital banking platform, disclosed the terms for its $320 million IPO after the closing bell on Friday, Oct. 23, 2026. SoftBank-backed OPay Ltd. is offering 16 million American Depositary Shares (ADS) at a price range of $19.00 to $21.00 to raise $320 million, if priced at the $20 mid-point of its range. Each ADS represents 10 ordinary shares. At pricing, OPay would have a market cap of $4.2 billion – if priced at the $20 mid-point.
Bankers plan to price OPay’s IPO during the week of Oct. 26, 2026. This is a New York Stock Exchange listing.
Citigroup, Deutsche Bank Securities, Standard Bank and CICC are the joint book-runners.
Cornerstone investors have indicated an interest in up to $270 million – about 84.4 percent of the IPO,
OPay Ltd. also will conduct a concurrent private placement of $200 million of ADS with Stanbic Africa Holdings (a Standard Bank subsidiary), the prospectus said.
OPay Ltd., based in Singapore, is a holding company. It owns and operates OPay, a digital banking and FinTech platform in Nigeria and other emerging markets. In Nigeria, OPay is the No. 1 digital banking platform. OPay was Nigeria’s No. 2 app across all categories based on daily active users as of July 31, 2026, the prospectus said.
“We are the No. 1 finance app in Africa and the Middle East with a 9.9 percent market share based on monthly active users in the six months that ended on June 30, 2026, according to Frost & Sullivan,” OPay said in the prospectus. “We also serve customers in Indonesia, mostly by providing loan facilitation as well as in Egypt, where we provide merchant acquisition services, and in Pakistan, where we provide merchant acquisition and consumer wallet services.”
In the prospectus, OPay said: “Over the coming decades, we aspire to become a leading national payment app in more countries across Africa, serving billions of users and millions of merchants, while creating jobs and economic opportunity.”
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