--- title: OPay Limited (OPAY) Sets Terms for $320 Million IPO as Nigerian Fintech Growth Accelerate description: The digital financial platform has grown to 50 million monthly active users, but its expanding loan portfolio and reliance on Nigeria bring risks into focus. image: https://blog.ipoprophet.com/hubfs/OPay%20Thumbnail.jpg --- [Skip to content](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/opay-limited-opay-sets-terms-for-320-million-ipo-as-nigerian-fintech-growth-accelerate#main-content) [![IPO\_PROPHET\_BLUE logo](https://blog.ipoprophet.com/hs-fs/hubfs/IPO_PROPHET_BLUE%20logo.png?width=2973&height=302&name=IPO_PROPHET_BLUE%20logo.png)](https://www.IPOProphet.com) - [Login](https://app.ipoprophet.com/login) Open main navigation Close main navigation - [Login](https://app.ipoprophet.com/login) [Subscribe to our Newsletter](https://share.hsforms.com/1xXldKrGiQBCbNmtOz6j4Jwq3cu4) [Go Back to Home](http://www.ipoprophet.com/) [Go Back to Blog](http://www.ipoprophet.com/blog) Oct 27, 2026, 12:25:02 PM # OPay Limited (OPAY) Sets Terms for $320 Million IPO as Nigerian Fintech Growth Accelerate ![Picture of Eric Friedman](https://app.hubspot.com/settings/avatar/7a4cca62b5a89282b41a283a43efa80e) [Eric Friedman](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/author/eric-friedman) Share: [facebook-f icon](http://www.facebook.com/share.php?u=https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/opay-limited-opay-sets-terms-for-320-million-ipo-as-nigerian-fintech-growth-accelerate) [linkedin-in icon](http://www.linkedin.com/shareArticle?mini=true&url=https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/opay-limited-opay-sets-terms-for-320-million-ipo-as-nigerian-fintech-growth-accelerate) [Twitter icon](https://twitter.com/intent/tweet?url=https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/opay-limited-opay-sets-terms-for-320-million-ipo-as-nigerian-fintech-growth-accelerate) [pinterest-p icon](http://pinterest.com/pin/create/link/?url=https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/opay-limited-opay-sets-terms-for-320-million-ipo-as-nigerian-fintech-growth-accelerate) [envelope icon](mailto:?body=https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/opay-limited-opay-sets-terms-for-320-million-ipo-as-nigerian-fintech-growth-accelerate) ![Opay Logo](https://blog.ipoprophet.com/hs-fs/hubfs/Opay%20Logo.jpg?width=356&height=89&name=Opay%20Logo.jpg) OPay Limited, a digital financial services platform with its largest operations in Nigeria, has set terms for its U.S. initial public offering. The company plans to offer **16.0 million American depositary shares (ADSs)** at a price range of **$19.00 to $21.00 per ADS**, raising **$320.0 million** at the **$20.00 midpoint**. OPay has applied to list on the New York Stock Exchange under the ticker symbol **OPAY**. At the midpoint, the company would have an estimated market capitalization of approximately **$4.21 billion**, including shares expected to be issued in a concurrent private placement. Citigroup, Deutsche Bank, Standard Bank and CICC are leading the offering, with B. Riley Securities and Needham & Company also participating. Headquartered in Singapore, OPay operates a digital financial platform that combines payments, money transfers, savings and credit services. Its business was launched in Nigeria, where it has grown by serving consumers and merchants looking for alternatives to traditional banking and cash transactions. The company also operates in Indonesia, Egypt and Pakistan, although Nigeria remains by far its largest market.  OPay’s consumer wallet allows users to hold and transfer money, make payments and pay bills through a mobile app. For merchants, the platform offers payment acceptance and other services, including point-of-sale terminals. Its credit business provides loans in Nigeria and facilitates loans through funding partners in Indonesia. The company earns revenue from transaction fees, lending and loan facilitation, as well as interest on short-term investments and other services. The platform has reached a considerable scale. OPay reported **50.1 million monthly active users as of July 31, 2026**, compared with more than 20 million in the third quarter of 2024. It also reported **26.8 million daily active users** as of July 31. The company defines a monthly active user as someone who transacted on its platform at least once during the final month of the period.  That growth has translated into rapidly expanding revenue and a recent shift to profitability. Revenue increased to **$536.3 million in 2025**, up **160.7%** from $205.7 million in 2024. OPay generated net income of **$72.5 million in 2025**, compared with a net loss of $50.8 million the prior year.  The momentum continued through the first half of 2026. Revenue rose **136.5% to $467.1 million** from $197.5 million in the comparable period of 2025, while net income climbed to **$90.9 million** from $21.7 million. Adjusted EBITDA, a non-GAAP measure, increased to **$135.3 million** from $40.2 million. The interim results are unaudited.  ![OPay Financial Placard](https://blog.ipoprophet.com/hs-fs/hubfs/OPay%20Financial%20Placard.jpg?width=743&height=496&name=OPay%20Financial%20Placard.jpg) OPay’s payments platform provides the customer base, but lending is a substantial contributor to revenue. Loan financing services generated **$236.1 million**, or approximately **50.6% of total revenue**, in the first half of 2026. Loan facilitation added another $41.6 million. That makes credit performance an important part of the investment case alongside the growth of the company’s payments network.  Credit losses are growing as the loan business expands. OPay recorded a **$123.6 million provision for credit losses** in the first half of 2026, compared with $38.1 million in the same period of 2025. Gross loans and interest receivable increased to **$415.3 million** as of June 30, 2026, from $273.6 million at year-end 2025. The company cautions that its estimates of future losses may prove insufficient if borrowers underperform or economic conditions deteriorate. Geographic concentration is another consideration. Nigeria accounted for **89.5% of revenue** in the first half of 2026, up from 88.1% for all of 2025. As a result, OPay’s results are heavily exposed to conditions in that country, including currency movements, inflation, regulation and the ability of borrowers to repay their loans. The offering has attracted substantial preliminary investor interest. Several investors, including existing shareholders and institutional investors, have indicated an interest in purchasing up to an aggregate of **$270.0 million** of ADSs in the IPO. Those indications are **nonbinding**, and the investors may purchase more, fewer or no shares. Separately, Stanbic Africa Holdings Limited has agreed to purchase ordinary shares in a concurrent private placement, subject to the IPO’s completion and applicable regulatory approvals. The investment is capped at **$200.0 million** and is subject to additional limits; the prospectus’s midpoint assumptions imply a purchase of approximately **$183.6 million**. OPay plans to use proceeds from the IPO and private placement for general corporate purposes, including investments in technology, distribution, new solutions and market expansion, as well as potential acquisitions or strategic investments. The company is incorporated in the Cayman Islands, and U.S. investors will purchase ADSs representing shares of the holding company. Its Indonesian business operates through contractual arrangements with a locally incorporated entity, rather than direct equity ownership, adding a structural risk for investors to consider.  OPay enters the IPO market with a large and growing user base, fast-rising revenue and improving profitability. The question for investors is whether it can maintain that growth while managing the credit risk of an expanding loan portfolio and its substantial reliance on Nigeria.   [IPOs](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/tag/ipos), [2026](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/tag/2026), [OPay Limited](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/tag/opay-limited) ## Related posts [![](https://blog.ipoprophet.com/hs-fs/hubfs/ADX%20EOD%20Plaque.png?height=200&name=ADX%20EOD%20Plaque.png)](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/adarx-pharmaceuticals-adrx-finishes-13.8-above-ipo-price-after-strong-opening) ## [ADARx Pharmaceuticals (ADRX) Finishes 13.8% Above IPO Price After Strong Opening](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/adarx-pharmaceuticals-adrx-finishes-13.8-above-ipo-price-after-strong-opening) ![Picture of Eric Friedman](https://app.hubspot.com/settings/avatar/7a4cca62b5a89282b41a283a43efa80e) [Eric Friedman](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/author/eric-friedman) Sep 25, 2026, 4:31:03 PM September 25, 2026 [Read more](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/adarx-pharmaceuticals-adrx-finishes-13.8-above-ipo-price-after-strong-opening) [![](https://blog.ipoprophet.com/hs-fs/hubfs/PayPay%20logo.jpg?height=200&name=PayPay%20logo.jpg)](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/paypay-opens-18.75-above-ipo-price-as-ipo-prophet-bear-signals-correctly-frame-first-day-trading) [IPOs](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/tag/ipos), [IPO Market Oscillator](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/tag/ipo-market-oscillator), [2026](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/tag/2026), [PayPay](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/tag/paypay) ## [PayPay Opens 18.75% Above IPO Price as IPO Prophet Bear Signals Correctly Frame First-Day Trading](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/paypay-opens-18.75-above-ipo-price-as-ipo-prophet-bear-signals-correctly-frame-first-day-trading) ![Picture of Eric Friedman](https://app.hubspot.com/settings/avatar/7a4cca62b5a89282b41a283a43efa80e) [Eric Friedman](https://blog.ipoprophet.com/aslgkuh89gyaep98byanp9t8yaqtp98hyq358yna8pq48y/author/eric-friedman) Mar 12, 2026, 5:13:17 PM PayPay Corp (PAYP), a digital payments and fintech platform with deep penetration across Japan’s... 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