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[SITUATION] · [QUIET] · [BUSINESS]

3 clusters · 19 sources · 3 days · First seen · Last updated

OPay files for NYSE IPO and pursues dual listing

Overview

Digital payments company OPay has filed for an initial public offering on the New York Stock Exchange (NYSE), revealing significant growth in its registration statement with the Securities and Exchange Commission. The company reported that revenue for the first half of the year more than doubled to $467.1 million, up from $197.5 million in the previous year, with total revenue for the 12 months ended June 30 reaching $806 million.

Founded by Yahui Zhou and backed by SoftBank entities, OPay serves approximately 50.1 million monthly active users across Nigeria, Indonesia, Egypt, and Pakistan. The company has received board and shareholder approval to pursue a dual listing strategy, proposing to list American Depositary Shares on the NYSE under the ticker symbol ‘OPAY’, with a secondary listing on the Nigerian Exchange Limited (NGX) to follow if the U.S. offering proceeds.

In conjunction with the planned IPO, Stanbic Africa Holdings Limited, a subsidiary of Standard Bank Group, has agreed to invest up to $200 million in a concurrent private placement. This investment is capped at the lowest of $200 million, 0.98% of Standard Bank Group’s qualifying regulatory capital, or the cost to acquire a 4.99% equity stake at the final IPO price. The acquired shares will be subject to a 12-month lock-up period.

Furthermore, the two entities have signed a non-binding Memorandum of Understanding to explore digital banking collaborations in areas such as merchant acquiring, payments, lending, and remittances. As part of this development, Lungisa Fuzile, the former CEO of Standard Bank South Africa, is expected to join OPay’s board as a non-executive director. Underwriters for the offering include Citigroup, Deutsche Bank, Standard Bank, and CICC.

Entities

OPay · New York Stock Exchange · Yahui Zhou · Lungisa Fuzile · Stanbic Africa Holdings

Timeline

  1. [BUSINESS] 9 sources
    OPay seeks dual listing on NYSE and Nigerian Exchange

    Fintech firm OPay plans to pursue a dual listing, targeting an IPO on the New York Stock Exchange and a secondary listing on the Nigerian Exchange to fund growth and technology investments.

  2. [BUSINESS] 6 sources
    Standard Bank to invest up to $200M in OPay ahead of US IPO

    Standard Bank Group plans to invest up to $200 million in fintech OPay via a private placement ahead of its New York Stock Exchange IPO.

  3. [BUSINESS] 5 sources
    OPay files for US IPO following significant revenue growth

    Fintech firm OPay has filed for a US IPO, reporting a revenue surge to $467.1 million in the first half of the year and serving over 50 million monthly active users across emerging markets.

Sources

africtelegraph.com · brandspurng.com · businessamlive.com · businessday.ng · businesstechafrica.co.za · citypeopleonline.com · innovation-village.com · insidebusiness.ng · investorsking.com · nairametrics.com · nnn.ng · oceans-news.com · premiumtimesng.com · pymnts.com · srnnews.com · techlabari.com · theNEXTweb.com · thisdaylive.com · tribuneonlineng.com

This summary has been updated 1 time: see revision history