OPay Eyes $19-$21 A Share For NYSE Debut, With A $200 Million Standard Bank Placement Alongside

OPay, a Singapore-headquartered digital finance platform that earns most of its revenue in Nigeria, proposes to sell 16,000,000 American depositary shares at an expected $19.00 to $21.00 each on the New York Stock Exchange, according to an amended registration filed Friday. A Standard Bank Group member has agreed to buy up to $200 million of shares in a separate concurrent placement.

The offering and the Standard Bank placement

Each ADS represents ten ordinary shares, and OPay has applied to list under the symbol OPAY. Underwriters hold a 30-day option on up to 2,400,000 more ADSs. At the $20.00 midpoint, the company estimates net proceeds of about $291.0 million, or about $335.7 million if the option is exercised in full.

Stanbic Africa Holdings, a Standard Bank Group member, agreed to buy ordinary shares at the same per-share price. The subscription is capped at the lowest of $200 million, a limit tied to 0.98% of Standard Bank Group's regulatory capital, and a limit tied to 4.99% of post-offering shares. The company estimates net proceeds of about $183.6 million at the midpoint, and the deal needs regulatory approvals. Stanbic has agreed to hold the shares for 12 months after the prospectus date.

The company plans to use the money for general corporate purposes, including technology, distribution, new products, market expansion and possible acquisitions. Citigroup, Deutsche Bank, Standard Bank, CICC, B. Riley Securities and Needham are the underwriters.

Nine investors signal interest

Nine investors indicated non-binding interest in up to $270 million of ADSs at the offering price. They include Redwheel and the Coronation Africa Frontiers Fund at up to $50 million each, and existing shareholder SBVA, formerly SoftBank Ventures Asia, at up to $20 million. Any of them may buy more, fewer or no ADSs.

A Nigerian profit story

OPay says it was the top finance app in Africa and the Middle East by monthly active users in the six months ended June 30, 2026, citing Frost & Sullivan, and it processed 90.1 billion transactions in the 12 months to that date. It also operates in Indonesia, Egypt and Pakistan.

Nigeria produced 89.5% of the $467.1 million in first-half 2026 revenue, up from 87.7% a year earlier. Revenue for 2025 was $536.3 million, against $205.7 million in 2024. The company swung from an operating loss of $35.1 million in 2024 to an operating profit of $107.1 million in 2025, and posted first-half 2026 net income of $90.9 million.

The prospectus carries a heavy credit load: loan financing revenue reached $260.3 million in 2025, and provisions for expected credit losses were $121.3 million. Its Indonesian business runs through contractual arrangements with a local licensed entity rather than direct ownership.

What happens next

The offering closing depends on final NYSE listing approval. OPay also has board and shareholder approval to seek a secondary listing on the Nigerian Exchange after the NYSE listing, subject to market conditions and regulatory approvals.

Existing shareholders and the 180-day and 365-day lock-ups are set in the filing, but the immediate step is pricing, which the company says would follow final NYSE approval.

Sources

• F-1/A — OPAY Ltd — SEC EDGAR