SoftBank-backed OPay Limited is seeking to raise up to $336 million in a U.S. initial public offering (IPO), as the digital financial services group capitalizes on rapid growth in its payments and lending businesses.
The Singapore-headquartered company plans to offer 16 million American depositary shares at $19 to $21 each, according to its updated registration statement filed with the U.S. Securities and Exchange Commission.
The offering would raise between $304 million and $336 million before underwriting discounts and expenses, excluding any additional shares sold through an over-allotment option.
OPay also plans a concurrent private placement to Stanbic Africa Holdings, which could invest up to $200 million, subject to regulatory approvals and limits outlined in the filing. The private placement would be separate from the IPO proceeds.
The proposed listing comes as OPay reports substantial growth in revenue and a turnaround in profitability.
Revenue rose 161% to $536.3 million in 2025 from $205.7 million a year earlier, while the company posted net income of $93.7 million, compared with a net loss of $47.7 million in 2024.
Growth continued in the first half of 2026. Revenue increased 137% to $467.1 million for the six months ended June 30, from $197.5 million in the same period a year earlier. Net income rose to $90.9 million from $21.7 million.
Lending has become a significant contributor to the business. Revenue from loan financing services reached $236.1 million in the first half of 2026, up from $88.1 million a year earlier.
Transaction-based revenue also increased, reaching $130.6 million from $69.9 million over the same period.
The company said the total value of transactions processed through its platform reached $339.1 billion in the first half of 2026, compared with $139.3 billion in the same period last year. Daily active users increased to 25.8 million from 17.6 million.
OPay operates in Nigeria, Indonesia, Egypt and Pakistan, offering digital wallets, payments, merchant acquiring, and consumer lending services.
Nigeria accounts for the bulk of its business, placing the company in a market where mobile payments and digital financial services have expanded as consumers and merchants adopt alternatives to traditional banking.
The company said it intends to use the IPO proceeds for general corporate purposes, including investments in technology, distribution, product development and market expansion, as well as potential acquisitions and strategic investments.
The proposed shares are expected to trade on the New York Stock Exchange under the ticker symbol OPAY.
Citigroup, Deutsche Bank, Standard Bank, and China International Capital Corp. are among the underwriters, alongside B. Riley Securities and Needham & Company.
The offering remains subject to regulatory review and other closing conditions.
