OPay Targets $500M NYSE IPO After 319% Profit Surge
OPay is targeting a $500 million raise in its NYSE IPO, backed by a reported 319% surge in first-half profit and a 136.5% jump in revenue. Standard Bank's up to $200 million anchor stake, disclosed in earlier filings, provides institutional weight heading into the offering. The listing is widely described as Africa's most significant fintech public-market moment to date.
OPay's Numbers: 89.5% of the revenue is Nigerian; almost none of the ownership will be
The profit figures are real. $90.9 million in six months, revenue growing at 136% — this is not a startup papering over losses with a good story.
But here is the thing the headline doesn't say: 89.5% of that revenue comes from Nigerian users, Nigerian merchants, Nigerian POS transactions. And the listing is in New York, at terms set largely by foreign underwriters and a South African anchor investor.
The wealth being created on top of Nigerian infrastructure will be priced, owned and traded thousands of miles away. The secondary NGX listing remains conditional — and as the filing's own terms suggest, Nigerian retail investors may end up with a thinner, less liquid version of the stock even if it arrives.
The numbers prove OPay built something real. The question is who it was built for.
3 sources
- 👨🏿🚀TechCabal Daily – OPay’s new Standard · techcabal.com · T1
- OPay targets $500M US IPO as H1 profit jumps 319% · thecondia.com · T2
- OPay vise Wall Street après une hausse de 136,5 % de ses revenus · financialafrik.com · T2