OPay Eyes $4.4bn US IPO valuation

OPay is targeting a valuation of up to $4.42 billion in its US initial public offering, the digital payments company said on Friday, seeking to capitalise on growing demand for digital financial services in emerging markets.

The Nigeria-focused firm is seeking up to $366 million by offering roughly 16 million American Depositary Shares between $19 and $21 apiece, Reuters reported.

The offering comes as the United States IPO market faces renewed pressure from higher inflation and a selloff in AI-related stocks, weighing on investor appetite for new listings ⁠and prompting several companies to delay their listing plans.

Founded in 2018, OPay provides digital financial services, including payments, money transfers, savings and loans, and also operates in Indonesia, Egypt and Pakistan.

Nigeria, the world’s sixth-most-populous country, has emerged as one of Africa’s leading fintech markets, producing several fintech companies including Moniepoint, Flutterwave and Interswitch, according to Tracxn.

OPay was founded by Chinese billionaire Yahui Zhou, who also founded Beijing Kunlun Tech, a Chinese gaming company that previously owned dating app Grindr.

The company raised $400 million in 2021 ⁠at a valuation of $2 billion. It had about 50 million monthly active users as of July 31, according to its IPO prospectus.

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