Nigeria-founded fintech giant OPay has officially made its public-market debut on the New York Stock Exchange (NYSE), raising $304 million from its initial public offering (IPO), in a major development that places the African digital finance company among the latest businesses to attract international stock-market attention.
The company priced its shares at $19 per American Depositary Share (ADS), equivalent to approximately ₦25,590 at the exchange rate quoted for the offering, with trading scheduled to commence on Friday, October 30, 2026, under the ticker symbol OPAY.
According to the company’s IPO announcement, OPay offered 16 million ADSs at $19 each, representing the bottom end of its initially proposed price range of $19 to $21.
The offering generated approximately $304 million, while the company achieved an estimated market valuation of about $4 billion.
OPay also granted its underwriters a 30-day option to purchase an additional 2.4 million ADSs to cover possible over-allotments. The IPO is expected to close on November 2, 2026, subject to customary closing conditions.
The development marks a significant milestone for the fintech company, which commenced operations in Nigeria in 2018 and has expanded its digital financial services across several emerging markets.
OPay: From Nigerian fintech platform to Wall Street
OPay provides a range of digital financial services, including money transfers, payments, savings, credit facilities and merchant services.
The company says it serves more than 50 million users across Nigeria, Egypt, Pakistan and Indonesia.
Its IPO prospectus also disclosed that the platform had approximately 50.1 million monthly active users as of July 31, 2026.
The company’s financial performance has also attracted attention.
According to its IPO registration documents, OPay recorded revenue of approximately $536.25 million in 2025, compared with $205.73 million in 2024.
It also reported a net profit of approximately $72.47 million in 2025, reversing a net loss of about $50.83 million recorded in 2024.
For the first half of 2026, OPay reported revenue of approximately $467.06 million and net income of $90.87 million.
These figures underline the company’s growing presence in the digital financial services market, particularly in Nigeria.
How OPay’s IPO compares with Dangote Refinery’s ₦2.15 trillion IPO
OPay’s international stock-market debut comes shortly after another major African investment development: the public offering of shares in Dangote Petroleum Refinery and Petrochemicals.
While OPay chose the New York Stock Exchange, Dangote Refinery opened its public offer through the Nigerian Exchange (NGX), giving eligible investors an opportunity to acquire ownership in the country’s major petroleum-refining business.
The two offerings differ significantly in their industries, fundraising targets, share prices and investment markets.
Key comparison between the two IPOs
| Details | OPay | Dangote Refinery |
|---|---|---|
| Stock exchange | New York Stock Exchange | Nigerian Exchange |
| IPO price | $19 per ADS | ₦525 per share |
| Shares offered | 16 million ADSs | 4.1 billion ordinary shares |
| IPO proceeds | $304 million | ₦2.1525 trillion |
| Estimated valuation | About $4 billion | About $47 billion |
| Industry | Fintech and digital banking | Oil refining and petrochemicals |
| IPO date | October 30, 2026 | September 14–October 27, 2026 |
| Trading currency | US dollars | Nigerian naira |
Note: OPay’s $19 ADS represents 10 underlying ordinary shares. Its price should therefore not be directly compared with Dangote’s ₦525 ordinary share price.
Which company raised more money?
In fundraising terms, Dangote Refinery’s IPO is considerably larger.
OPay raised $304 million from its offering, equivalent to approximately ₦409 billion using an illustrative exchange rate of ₦1,346 to the dollar.
Dangote Refinery’s public offer, meanwhile, was designed to raise approximately ₦2.15 trillion through the sale of 4.1 billion ordinary shares at ₦525 each.
This means Dangote’s targeted fundraising amount is more than five times OPay’s IPO proceeds at the illustrative exchange rate.
However, the comparison goes beyond the amount raised.
OPay operates in the financial technology sector, where its growth depends on digital transactions, customer adoption, financial products and expansion into new markets.
Dangote Refinery operates in the energy and industrial sector, where profitability is influenced by refining margins, crude oil supply, production capacity, petroleum demand and export opportunities.
Dangote IPO attracts massive investor interest
Dangote Refinery’s public offer, which closed on October 27, 2026, attracted considerable attention from Nigerian and international investors.
Reuters reported on October 27 that the offer had attracted subscription orders worth approximately ₦6.4 trillion, about three times its original fundraising target, according to sources familiar with the exercise.
The company offered 4.1 billion shares at ₦525 each, with a minimum subscription of 10 shares costing ₦5,250.
The offer is now moving into the post-subscription process, including verification of applications, regulatory approval of the basis of allotment and eventual listing on the Nigerian Exchange.
The official Dangote IPO announcement says investors should await the formal allotment results and listing timetable.
What OPay’s international debut means for Nigeria
Although OPay is now trading on an international stock exchange, its Nigerian operations remain central to its business.
The company’s public listing provides an opportunity for international investors to participate in its growth and gives the fintech access to additional capital for technology investment, expansion and other corporate purposes.
It also highlights the growing importance of Nigerian-founded and Nigeria-focused financial technology businesses in the international investment market.
For Nigerian investors, however, buying OPay ADSs is different from subscribing to Dangote Refinery’s public offer.
OPay shares are traded in the United States and require access to a broker that supports US-listed securities, while Dangote’s offer was conducted through the Nigerian capital market.
What investors should watch
As OPay begins its journey as a publicly traded company, investors will be watching its share-price performance, revenue growth, profitability, customer expansion and ability to sustain its operations across different markets.
For Dangote Refinery, attention will focus on the allotment process, commencement of trading, production performance, profitability and possible dividend payments.
Both companies represent different investment opportunities, and neither IPO price guarantees future profits.
The bigger story is that two major African businesses operating in very different industries have turned to public capital markets to attract investors and finance their growth, with OPay choosing Wall Street and Dangote Refinery opening its ownership to investors through Nigeria’s stock market.
Sources: Reuters, OPay’s official IPO announcement, OPay’s IPO registration documents, Nigerian Exchange Group and Dangote Refinery’s official IPO announcements.
