SoftBank-Backed OPay Targets a $4.4 Billion NYSE Valuation

OPay, the Nigeria-focused digital payments company backed by SoftBank, said on Friday, October 23, 2026 that it is targeting a raise of as much as $366 million in a U.S. initial public offering — at a valuation of up to $4.42 billion on the New York Stock Exchange.

What Happened

OPay is offering roughly 16 million American Depositary Shares at a price range of $19 to $21 apiece, according to its updated SEC filing reported by Reuters. The shares are set to list on the NYSE under the ticker symbol "OPAY." Each ADS represents 10 ordinary shares, and at the midpoint of the range the company's market capitalization would exceed $4 billion.

The deal has heavyweight backing lined up before it even prices. Existing investors including Redwheel Group and the Coronation Africa Frontiers Fund have indicated non-binding interest in buying up to $270 million worth of ADS at the IPO price. Separately, Stanbic Africa Holdings has agreed to invest as much as $200 million through a concurrent private placement. Citigroup, Deutsche Bank, Standard Bank and CICC are among the underwriters.

OPay first publicly filed its Form F-1 registration statement with the SEC on October 9, 2026. Friday's update is what turned a quiet filing into a headline: it put a price, a size and a valuation on the deal for the first time.

Why It's Blowing Up

Three things are driving the attention. First, scale: OPay reported about 50 million monthly active users as of July 31, 2026, making it one of the largest consumer fintech platforms in Africa. Second, growth: the filing shows revenue of $467.1 million for the six months ended June 30, 2026, up from $197.5 million in the same period a year earlier, with gross transaction value of $339.1 billion in that half-year versus $139.3 billion a year before. Third, timing: Reuters notes the filing lands while high interest rates and a selloff in AI-related stocks have dampened investor appetite for new listings and prompted several companies to delay their IPO plans — which makes a $4.4 billion emerging-markets fintech testing the market a genuine event, not a routine filing.

OPay was founded in 2018 by Chinese billionaire Yahui Zhou, who also founded Beijing Kunlun Tech. It raised $400 million in 2021 at a $2 billion valuation in a round led by SoftBank Vision Fund 2, and SoftBank entities still own a 6.6% stake before the offering. A successful pricing near the top of the range would more than double that 2021 valuation on paper.

Key Facts

Raise: Up to $366 million, from roughly 16 million ADS priced at $19–$21 each.
Valuation: Up to $4.42 billion at the top of the range.
Listing: New York Stock Exchange, ticker "OPAY." A filing is not a completed listing — the registration is not yet effective and no trading date has been announced.
Business: Payments, money transfers, savings and loans, plus merchant services, focused on Nigeria and also operating in Indonesia, Egypt and Pakistan.
Financials: $467.1 million in revenue in the first half of 2026, up from $197.5 million a year earlier; much of the growth is attributed in the filing to loan financing and transaction-based services.
Backers: SoftBank entities hold 6.6% pre-IPO; up to $270 million of indicated cornerstone interest and up to $200 million from Stanbic Africa Holdings in a concurrent private placement.

What's Next

The next milestones are an effective registration statement, final pricing, and a confirmed first trading day — none of which have been announced yet. Investors will weigh the growth numbers against the risks the prospectus itself flags, including regulation, credit exposure from its lending growth, and foreign-exchange exposure in its markets. This post reports the filing and the market reaction only; it is not financial advice, and nothing here is a recommendation to buy, sell or hold any security.

Sources

FAQ

How much is OPay trying to raise in its IPO?

Up to $366 million, by offering roughly 16 million American Depositary Shares at $19 to $21 each on the New York Stock Exchange under the ticker OPAY.

What valuation is OPay targeting?

Up to $4.42 billion at the top of the price range — more than double the $2 billion valuation from its $400 million SoftBank-led funding round in 2021.

What does OPay do?

OPay is a digital financial platform offering payments, money transfers, savings and loans, focused on Nigeria and also operating in Indonesia, Egypt and Pakistan, with about 50 million monthly active users.

Can investors buy OPay shares now?

No. OPay has filed for an IPO, but the registration is not yet effective, final pricing is not set, and no trading date has been announced.

SoftBank-Backed OPay Targets a $4.4 Billion NYSE Valuation — Inside the $366 Million IPO Filing