OPay Limited has filed for a proposed US initial public offering (IPO), according to a registration statement submitted to the US Securities and Exchange Commission on October 9, 2026, setting the stage for a potential stock market debut by the African digital payments company.

The Singapore-based company plans to offer American depositary shares (ADSs), which allow investors to trade securities representing shares in a foreign company on a US exchange. OPay has proposed listing on the New York Stock Exchange under the ticker symbol OPAY, according to IPO market information.

The preliminary filing does not disclose the number of shares to be sold, the proposed price range or the amount the company expects to raise. Those details will determine the size and valuation of the offering if it proceeds.

Revenue More Than Doubles in 2025

OPay reported revenue of about $536.5 million in 2025, compared with approximately $205.8 million in 2024, according to its registration statement. The company also returned to profitability, recording net income of $72.5 million after a net loss of $50.8 million in the previous year.

Its financial performance strengthened further in the first half of 2026. OPay reported revenue of about $466.5 million and net income of $90.9 million for the six months ended June 30, 2026. The figures were unaudited.

Nigeria remained the company’s largest market by a wide margin. It generated approximately $417.6 million in revenue during the first half of 2026, accounting for 89.5% of OPay’s total revenue.

Indonesia contributed about $41.7 million, while Egypt accounted for approximately $5.3 million, according to the filing.

The figures show how heavily OPay’s business depends on Nigeria, even as it expands into other markets. Any changes in the company’s operating environment in Nigeria could therefore have a significant effect on its overall performance.

Nigeria anchors OPay’s digital payments business

Founded in 2017, OPay provides digital financial services through a mobile platform used by consumers and businesses. Its services include money transfers, bill payments and payment acceptance for merchants.

The company has built its largest business in Nigeria, where mobile-based financial services play an important role in everyday transactions. Its platform brings several services together in one application, allowing users to make payments and transfer money without relying exclusively on cash.

OPay’s operations outside Nigeria include loan-facilitation services in Indonesia, merchant-acquiring services in Egypt, and merchant-acquiring and consumer-wallet services in Pakistan.

The company is incorporated in the Cayman Islands and has its principal executive offices in Singapore. Its registration statement reported 992 employees as of June 30, 2026.

OPay is also seeking to establish its position in a wider regional market. Citing research by Frost & Sullivan, the company said it held a 9.9% share of the finance-app market in Africa and the Middle East, measured by monthly active users over the six months ended June 30, 2026.

It also said it ranked as Nigeria’s second-largest app across all categories by daily active users as of July 31, 2026. Those rankings reflect research cited in the company’s prospectus and have not been independently assessed by Investreet Financial.

Fundraising target remains unclear

OPay has not yet disclosed how much it intends to raise through the IPO or the valuation it hopes to achieve.

Renaissance Capital, an IPO research firm, has estimated that the offering could raise as much as $500 million. The figure is an external estimate and should not be treated as OPay’s confirmed fundraising target.

The IPO process does not mean that OPay shares are already trading publicly. The registration statement must progress through the relevant regulatory process, and the company has yet to announce final offering terms.

If completed, the listing would give public-market investors an opportunity to assess OPay’s financial performance, business model and expansion plans through its disclosures as a listed company.

For now, the company’s financial results provide a picture of a fast-growing business whose earnings remain concentrated in Nigeria. Whether the proposed IPO proceeds, and at what valuation, will become clearer as OPay releases further details about the offering.