Chinese billionaire Yahui Zhou’s Nigeria-focused OPay seeks $366 million in New York IPO at $4.4 billion valuation as Standard Bank commits up to $200 million

Nigeria-focused financial technology company OPay is seeking a valuation of as much as $4.42 billion in a New York initial public offering that could raise up to $366 million, giving Chinese billionaire founder Yahui Zhou more capital to expand one of Africa’s largest digital-payment businesses.

• OPay is marketing its New York IPO at between $19 and $21 per American Depositary Share.
• Reuters says the Nigeria-focused fintech could raise up to $366 million and achieve a valuation of $4.42 billion.
• Stanbic Africa Holdings has separately agreed to invest up to $200 million, subject to regulatory and ownership limits.
• OPay generated nearly 90% of its first-half 2026 revenue in Nigeria and is considering a secondary listing on the Nigerian Exchange.

The company is offering approximately 16 million American Depositary Shares at between $19 and $21 each and plans to trade on the New York Stock Exchange under the ticker OPAY.

At the top of the proposed range, the listing would value OPay at more than twice the $2 billion valuation it received during a $400 million fundraising round in 2021.

Stanbic Africa Holdings, a subsidiary of South Africa’s Standard Bank Group, has also agreed to purchase OPay shares through a private placement connected to the IPO.

Its investment is capped at $200 million but could be lower because it is also restricted by Standard Bank’s regulatory capital and a maximum post-listing OPay ownership of 4.99%.

The commitment is therefore not a guaranteed $200 million investment. It remains subject to the IPO’s completion, regulatory approvals and the formula contained in OPay’s prospectus.

Reuters reported on 23 October⁠ that the company could raise up to $366 million from the public offering. The final proceeds will depend on the IPO price, investor demand and any shares sold through the underwriters’ over-allotment option.

Standard Bank gains a digital channel

OPay and Stanbic Africa signed a memorandum of understanding in August to consider collaboration across digital banking, payments, lending, remittances and merchant services.

The proposed partnership could allow Standard Bank to distribute selected products through OPay’s consumer and merchant network, extending its reach among customers underserved by conventional bank branches.

However, the memorandum represents an agreement to explore opportunities. It does not mean every proposed product or partnership has received regulatory approval or will proceed.

OPay intends to use proceeds from the IPO and private placement for technology, distribution, new products, market expansion and possible acquisitions.

The company’s US Securities and Exchange Commission filing⁠ also shows that Stanbic’s final investment will be the lowest amount produced by three separate limits, including the $200 million ceiling.

Nigeria remains OPay’s financial centre

OPay is incorporated in the Cayman Islands and headquartered in Singapore, but Nigeria remains its most important market.

Nigeria generated 89.5% of its revenue during the first half of 2026. The company’s revenue increased by 137% to $467.1 million during the period, while net income rose to $90.9 million.

OPay recorded approximately 50.1 million monthly active users and 26.8 million daily active users by 31 July. Its platform processed 90.1 billion transactions with a gross transaction value of $558 billion during the 12 months to June.

The company moved into profit in 2025, recording net income of $72.5 million after losing approximately $50.8 million in 2024. Full-year revenue increased from $205.7 million to $536.3 million.

Those figures give investors exposure to the rapid growth of digital finance in Nigeria, but they also reveal significant geographical concentration. Regulatory changes, competition or economic disruption in Nigeria could have a disproportionate effect on OPay’s business.

Possible Nigerian listing

OPay has received board approval to pursue a secondary listing on the Nigerian Exchange after completing its New York flotation.

The Nigerian listing remains conditional on market conditions, regulatory approval and compliance with local trading and settlement requirements.

If completed, it would give Nigerian investors direct access to a company whose growth has been driven largely by their market, while potentially deepening the local exchange’s technology and financial-services listings.

SoftBank entities own 6.6% of OPay before the offering. Redwheel Group, Coronation Africa Frontiers Fund and other investors have also indicated interest in purchasing up to $270 million of the IPO shares, but those expressions of interest are non-binding.

The final IPO price, valuation, proceeds and Standard Bank investment will not be certain until the offering is priced and completed.