Opay, a Nigerian fintech company backed by SoftBank and controlled by Chinese billionaire Zhou Yahui, has filed for an initial public offering on the New York Stock Exchange. The filing could value the company at $4 billion. The Form F-1 registration statement, submitted on October 9, outlines plans to list American depositary shares under the ticker OPAY, though the final pricing and share numbers have not yet been determined.
The filing also details plans for a $200 million private placement led by Standard Bank Group’s Stanbic Africa Holdings. Additionally, Opay will pursue a secondary listing on the Nigerian Exchange. These initiatives reflect its dual strategy of securing capital in the U.S. while maintaining a strong presence in its primary market.
Financial growth and evolving business focus
Opay’s financial performance has shown significant improvement. Revenue more than doubled to $467.1 million in the first half of 2026, up from $197.5 million in the same period a year earlier. Net income surged over fourfold to $90.9 million, reversing a $50.8 million loss in 2024 and resulting in a $72.5 million profit for the full year. Nigeria contributed roughly 89% of the first-half revenue.
A major change is evident in Opay’s revenue sources. Lending has become the largest income driver, surpassing payments. This shift marks a departure from its original role as a mobile-money and point-of-sale service launched in 2018. The company reported 50.1 million monthly active users and processed transaction volumes in the hundreds of billions of dollars annually, though individual transactions remain relatively small.
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While Opay operates in Indonesia, Egypt, and Pakistan, these markets are secondary to its Nigerian focus. Zhou Yahui, who holds controlling interest through holding entities, would stand to gain the most from a $4 billion valuation. SoftBank owns a 6.6% stake before the IPO, and Opera, the Norwegian browser company that originally incubated the business, retains a minority share.
Market strategy and listing details
Citigroup, Deutsche Bank, Standard Bank, and China International Capital Corporation are leading underwriters for the IPO. B. Riley Securities and Needham & Company are providing additional support. The Standard Bank investment will take the form of a private placement of ordinary shares, capped at $200 million or 4.99% of the bank’s post-deal stake. Lungisa Fuzile, head of Standard Bank’s Africa division, is expected to join Opay’s board following the listing.
This listing aims to give domestic investors access to a company heavily dependent on Nigeria. However, shares traded on both exchanges may not be immediately interchangeable, which could limit liquidity.
Funds raised through the IPO will be allocated toward technology investment, expanding distribution networks, developing new products, and potential acquisitions. As an emerging-growth company, Opay will benefit from reduced disclosure requirements under U.S. regulations.
