OPay IPO 2026: $304M NYSE Debut at $19.00 per ADS, Five Years After Its $2B Valuation

OPay priced its initial public offering at $19.00 per ADS on October 29, 2026, the low end of its $19.00-$21.00 range, implying roughly $304 million in gross proceeds on the 16 million American Depositary Shares offered before fees. The Nigeria-born fintech began trading on the NYSE under the ticker OPAY on October 30, five years after SoftBank Vision Fund 2 led its $400 million Series C at a $2 billion valuation in August 2021.

Singapore-headquartered but Nigeria-built, OPay serves more than 50 million monthly active users across Nigeria, Egypt, Pakistan and Indonesia, with Nigeria alone producing 89.5% of its first-half 2026 revenue, according to Securities.io's report on the pricing. Pulse previously covered OPay's NYSE filing in October; the deal has now moved from filing to a priced, trading stock.

OPay IPO: Pricing, Timeline, and Deal Terms

OPay's IPO priced at $19.00 per ADS on October 29, 2026 -- the floor of its $19.00-$21.00 range -- for about $304 million in gross proceeds on a base offering of 16 million ADSs, plus an option for 2.4 million more over 30 days. Trading began October 30, 2026 on the NYSE under ticker OPAY, with the deal expected to close November 2, 2026 pending final listing approval.

How we counted: every milestone OPay disclosed in its own SEC filings or that outlets reported directly from them; 2018 through October 30, 2026; 8 milestones; as of October 30, 2026.

How Much Has OPay Raised, and What Is It Worth?

OPay's last confirmed private valuation is the $2 billion SoftBank Vision Fund 2 set in its $400 million Series C in August 2021 -- a round that was, at the time, the largest tech raise on record in Africa, according to TechCrunch's 2021 report. OPay's F-1 does not disclose a new valuation directly; it leaves the price range blank in its original October 9, 2026 filing, and the roughly $4 billion figure that circulated in press coverage ahead of pricing was never confirmed in the prospectus, per Gopexly's report on the filing.

What the F-1 does disclose is a turnaround in the underlying business. Alongside the IPO, Stanbic Africa Holdings -- part of Standard Bank Group -- agreed to a private placement capped at the lesser of $200 million, 0.98% of Standard Bank's qualifying regulatory capital, or a 4.99% stake, per Securities.io. Nine other investors, including Redwheel Group and the Coronation Africa Frontiers Fund, indicated non-binding interest in up to $270 million of ADSs combined at the IPO price -- demand concentrated among existing Africa-focused funds rather than new entrants.

How Does OPay Make Money, and Where Is the Risk?

OPay generates revenue from mobile payments, transfers, savings, credit and merchant services across four countries, processing $339.1 billion in gross transaction value in the first half of 2026 alone, up 143% year over year, according to Securities.io's reporting on the F-1. New self-operated loans in Nigeria totaled $927.6 million in H1 2026, with a non-performing loan ratio of 4.3% as of June 30, 2026.

Nearly all of that revenue comes from one country. Nigeria produced 89.5% of OPay's $467.1 million in H1 2026 revenue -- $417.6 million -- with Indonesia ($41.7 million), Egypt ($5.3 million) and other markets ($2.4 million) making up the rest, per the F-1 figures Securities.io reported.

What the headline misses

Pricing at the floor of a $19.00-$21.00 range -- a $2-per-ADS gap resolved at the bottom -- suggests underwriters found more resistance than the initial range anticipated, not a strong vote of confidence from public investors. That caution sits alongside real balance-sheet risk: OPay's provision for expected credit losses ran $118.4 million in H1 2026 alone, and its revenue is overwhelmingly tied to Nigeria's currency and regulatory environment, a concentration that public investors will price in immediately even though private backers tolerated it for years. Existing shareholders and executives are locked up for 365 days and OPay itself for 180 days, so the low-end pricing's real test -- whether demand improves once those shares can trade freely -- won't arrive until well into 2027.