OPay Eyes Nigerian Exchange Listing Ahead of $4 Billion US IPO
OPay is considering a listing on the Nigerian Exchange ahead of a potential $4 billion US IPO, a move that would mark Nigeria's most consequential domestic tech public offering to date. The dual-track approach reportedly comes amid government pressure for a local float before any international exit.
OPay's Lagos Float: government pressure just handed Nigerian investors a real opportunity
88.1% of OPay's revenue comes from Nigerian users. The NGX CEO made that point directly to President Tinubu — and now OPay is considering a local listing alongside its New York debut.
The uncomfortable constraint is real: the Nigerian Exchange's entire equity market is worth roughly $40 billion, and pricing a $4 billion growth-stage tech company into thin daily trading is genuinely hard. This isn't foot-dragging — it's a structural limitation.
But that's precisely why a local tranche matters even if it's small. Nigerian pension funds and retail investors helped build the cashless economy OPay rides. Giving them a slice — even a modest one — before Wall Street prices the whole thing is fairer than the alternative.
2 sources
- $4B Fintech Giant OPay Considers Lagos Float Amid Government Pressure · launchbaseafrica.com · T1
- OPay eyes landmark Nigerian listing ahead of potential $4B US IPO · technext24.com · T2