SoftBank-Backed OPay Files for New York IPO, Eyes $4 Billion Valuation

OPay, the fintech company backed by Japan’s SoftBank Group, has filed for an initial public offering (IPO) in the United States, taking a major step towards becoming a publicly traded company as it seeks to capitalize on its rapid growth in digital payments and financial services.

In a registration statement filed with the US Securities and Exchange Commission (SEC) on October 9, OPay Limited said it had applied to list American depositary shares on the New York Stock Exchange (NYSE) under the proposed ticker symbol OPAY. The filing marks a formal step towards the listing, although the company has yet to disclose its final offer price, the number of shares to be sold or the amount it expects to raise.

The company has previously been reported to be targeting a valuation of around $4 billion. Bloomberg reported in May that OPay had engaged Citigroup, Deutsche Bank and JPMorgan Chase to work on the proposed US offering. More recent reporting by Semafor also put the anticipated valuation at about $4 billion. That figure is an estimate reported by media outlets, not a final valuation confirmed in the SEC filing.

The distinction matters because a company’s valuation is not the same as the amount it raises from an IPO. The final value will depend on the offering price, the number of shares issued and investor demand when the transaction is priced. OPay’s preliminary prospectus still contains blank fields for the offer price and share quantities, and the listing remains subject to approval by the NYSE and the effectiveness of its SEC registration statement.

OPay’s financial results help explain investor interest. According to the company’s SEC filing, revenue rose from $205.7 million in 2024 to $536.3 million in 2025. For the six months ended June 30, 2026, revenue reached $467.1 million, compared with $197.5 million in the same period a year earlier. Net income for the first half of 2026 climbed to $90.9 million from $21.7 million a year earlier.

The company also reported that the gross transaction value processed through its platform reached $358 billion in 2025, more than double the $166.2 billion recorded in 2024. Its filing shows that Nigeria accounted for $417.6 million, or 89.5 per cent, of total revenue in the first half of 2026, underscoring how closely its performance remains tied to the Nigerian market.

The proposed listing includes another significant development: OPay has secured board and shareholder approval to pursue a secondary listing on the Nigerian Exchange (NGX) after its primary New York listing is completed. The company said that the proposed domestic listing would depend on market conditions, compliance with Nigerian law and the necessary regulatory and exchange approvals. No date has been announced for the Nigerian listing.

OPay’s prospectus also outlines a concurrent investment by Stanbic Africa Holdings, a member of South Africa’s Standard Bank Group. The proposed share purchase is capped at $200 million and is subject to a formula set out in the filing, as well as completion of the IPO and relevant regulatory approvals. Separately, OPay and Standard Bank have been exploring a broader strategic collaboration involving digital banking, payments, lending and other financial services.

The proposed IPO is a test of how international investors value a fintech business built around one of Africa’s largest digital payments markets. A successful New York listing could give OPay access to a broader pool of capital, strengthen its profile among global investors and potentially create a route for Nigerian investors to participate through a later local listing. But its long-term significance will depend on more than a headline valuation: investors will also weigh the durability of its growth, the quality of its earnings, regulatory risks and its exposure to Nigeria. For the domestic market, the planned NGX listing could be particularly important, offering a chance to connect the value created by a fast-growing Nigerian-facing business with the investors and institutions that support the country’s financial system.