OPay, the SoftBank Group Corp.-backed African fintech company, has commenced trading on the New York Stock Exchange (NYSE) after raising $304 million in its initial public offering (IPO), with its shares priced at $19 each, valuing the company at approximately $4.01 billion.
The company priced 16 million American depositary shares (ADSs) at $19 a piece, the bottom of the $19 to $21 range initially indicated, according to a company filing.
OPay also granted underwriters a 30-day option to purchase an additional 2.4 million ADSs to cover over-allotments, with the option expected to close on November 2.
The listing marks a significant milestone for the fintech, which has grown its presence in Nigeria since commencing operations in 2018, focusing on expanding financial inclusion through technology and providing digital payment services to individuals and businesses.
Speaking at the listing ceremony, Lars Boilesen, Co-CEO, OPay, described the development as a major moment in the company’s journey from addressing everyday financial needs in Nigeria to gaining recognition on one of the world’s most prominent financial markets.
Boilesen said it would remain focused on improving access to reliable, affordable and secure financial services while creating value for customers, businesses and communities.
More details later……
Royal Ibeh is a senior journalist with years of experience reporting on Nigeria’s technology and health sectors. She currently covers the Technology and Health beats for BusinessDay newspaper, where she writes in-depth stories on digital innovation, telecom infrastructure, healthcare systems, and public health policies.
