OPay Weighs NGX Dual-Listing Ahead of $4 Billion US IPO
OPay is reportedly considering a listing on the Nigerian Exchange alongside a potential $4 billion US IPO, with government pressure cited as a factor behind the dual-track approach. The move would mark Nigeria's most consequential domestic tech public offering to date and a landmark moment for African fintech capital markets.
OPay's NGX Math: the $4 billion question the Nigerian market hasn't answered yet
The source material is honest about the real problem: the Nigerian Exchange's entire equity market is worth roughly $40 billion. OPay wants a $4 billion valuation — and that's before the 26% premium above its most recent implied price that a US IPO would require investors to accept.
A rising local index shows appetite. It doesn't show the depth to absorb, price and then actively trade a company at that scale without the stock going illiquid the week after launch.
Government pressure can bring OPay to the NGX. It cannot manufacture the institutional capacity to hold it there.
2 sources
- 👨🏿🚀TechCabal Daily – OPay to NGX? · techcabal.com · T1
- OPay weighs NGX listing as its $4 billion IPO plans draw closer · techtrendske.co.ke · T2