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Nigerian fintech OPay has entered the U.S. public markets after raising $304 million in its initial public offering, giving the company a new platform for international visibility and expansion.

The company offered 16 million American depositary shares at $19 apiece, resulting in a valuation of about $4 billion. OPay shares began trading on the New York Stock Exchange on October 30 under the symbol OPAY.

A New Milestone for Nigeria’s Fintech Sector

OPay’s listing represents a notable development for Nigeria’s financial technology industry, making the company the first major Nigerian fintech to achieve a listing on a U.S. stock exchange.

Its market valuation has also roughly doubled from the $2 billion level recorded when OPay secured $400 million in funding in 2021.

Capital to Fuel Technology and African Growth

James Perry, OPay’s Chief Financial Officer, said the funds raised through the IPO will support technology investment and further expansion in Nigeria and other African markets.

The company is targeting markets where access to conventional banking remains limited. OPay said more than 60% of the population in its core market lacks sufficient access to traditional banking services, while cash continues to play a major role in everyday transactions.

User Base Reaches 50.1 Million

OPay’s operations now span Nigeria, Egypt, Pakistan and Indonesia. According to its IPO filing, the fintech had approximately 50.1 million monthly active users as of July 31, 2026.

The company also reported a $1 billion annualized revenue run rate for the second quarter, highlighting the scale of its existing business as it enters public markets.

Pricing Signals a Cautious IPO Environment

The company priced its shares at $19, the bottom of its $19-$21 indicated range.

The pricing reflects a challenging environment for new listings, with inflation, market volatility and weakness across parts of the technology and AI sectors affecting investor sentiment.

For OPay, the next phase will require the company to demonstrate that rapid expansion can translate into more consistent profitability, while also managing its reliance on the Nigerian market.

Nigerian Listing Could Follow

OPay is also considering a future listing on the Nigerian Exchange, potentially giving local investors direct access to the company’s shares.

Any Nigerian listing would require approval from OPay’s board and shareholders, as well as the necessary regulatory clearances. The company has not announced a specific timeline.

Four Global Banks Lead the IPO

Citigroup, Deutsche Bank, Standard Bank and CICC acted as underwriters for the offering.

The underwriting banks also received a 30-day option to purchase as many as 2.4 million additional shares. The IPO is expected to close on November 2, subject to the completion of customary conditions.