OPay, a Nigeria-focused fintech company, is targeting a valuation of as much as US$4.42 billion in a US IPO, aiming to raise as much as US$366 million.

Founded in 2018, OPay provides digital payments and financial services and also operates in Egypt, Indonesia, and Pakistan.

It plans to list on the New York Stock Exchange under the symbol OPAY. Its prospectus said it had about 50 million monthly active users as of July 31.

The company raised US$400 million at a US$2 billion valuation in 2021.

Existing backers and other investors indicated non-binding interest in buying up to US$270 million of American Depositary Shares. Stanbic Africa Holdings separately agreed to invest as much as US$200 million through a concurrent private placement.

OPay said it would use proceeds from the IPO and the private placement to invest in technology, expand its distribution network and markets, develop new products, and make potential acquisitions and investments.

🔗 Source: Reuters

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