OPay seeks dual listing on NYSE and Nigerian Exchange

Fintech company OPay has received board and shareholder approval to pursue a dual listing strategy, targeting an initial public offering (IPO) on the New York Stock Exchange (NYSE) and a secondary listing on the Nigerian Exchange Limited (NGX).

In a registration statement filed with the U.S. Securities and Exchange Commission, OPay proposed to list American Depositary Shares on the NYSE under the ticker symbol ‘OPAY’. The Nigerian listing would follow if the U.S. offering proceeds, though the company noted that the NGX debut remains subject to market conditions and regulatory approvals.

OPay intends to use the capital raised to fund technology investments, product development, distribution expansion, and potential strategic acquisitions. The company highlighted several risk factors in its filing, including regulatory uncertainty, cybersecurity threats, foreign exchange volatility, and a heavy revenue concentration within the Nigerian market.