OPay Limited began trading on the New York Stock Exchange under ticker OPAY on Oct. 30, taking a Nigerian fintech whose loan financing accounted for more than half of its revenue in the first half of 2026 into U.S. public markets.
The company priced 16 million American depositary shares (ADSs) at $19 each, for potential gross proceeds of $304 million before underwriting discounts and expenses if the base offering is completed in full. OPay said the offering was expected to close Nov. 2, subject to customary conditions. Underwriters have a 30-day option to buy up to 2.4 million additional ADSs to cover over-allotments. Each ADS represents 10 ordinary shares, according to the New York Stock Exchange’s listing certification filed with the Securities and Exchange Commission.
OPay’s registration statement showed unaudited revenue of $467.1 million for the six months ended June 30, 2026, up from $197.5 million in the same period a year earlier. Net income increased to $90.9 million from $21.7 million.
Loan financing services generated $236.1 million, or 50.6% of first-half revenue. Transaction-based services, including payment-related fees, contributed $130.6 million, or 27.9%. Nigeria accounted for $417.6 million, or 89.5%, of revenue during the period.
The filing also reported a provision for expected credit losses of $118.4 million, compared with $38.1 million a year earlier. OPay said the increase was mainly due to growth in new loans originated, which rose to $927.6 million from $305.1 million.
OPay said it plans to use proceeds for technology investment and expansion in Nigeria and other African markets. The company says it launched in Nigeria in 2018 and also operates in Egypt, Pakistan and Indonesia. Its filing reported 50.1 million monthly active users as of July 31, 2026. The prospectus says issuing equity may dilute existing shareholders; the company’s stated closing date for the offering is Nov. 2.
