OPay IPO: NYSE Filing Reveals Plan to List on the NGX

OPay has filed to sell shares on the New York Stock Exchange and says its board and shareholders have approved a follow-on, or secondary, listing on the Nigerian Exchange (NGX) after the US listing is done. The plan is in OPay's Form F-1 registration statement, filed with the US Securities and Exchange Commission on 9 October 2026. No price, offer size or NGX date has been set yet, so Nigerians cannot buy OPay shares today. Here is what the filing confirms, what it leaves open, and why it matters for local investors.

What OPay has actually filed

The F-1 is the document a foreign company files before an IPO in the United States. In it, OPAY Ltd says it has applied to list American Depositary Shares (ADSs) on the NYSE under the symbol "OPAY". An ADS is a certificate traded in the US that stands for shares in a foreign company.

The key line for Nigerian investors is in the "Recent Development" section: the company has "obtained the approval of our board and shareholders to pursue a secondary listing" on the NGX once the NYSE listing is complete.

Some important blanks remain. The price range and the number of ADSs on offer were left empty in the filing, which means the IPO has not been priced. Earlier reports by Nairametrics said OPay was aiming for a valuation of about $4 billion, but that figure is not a confirmed offer term.

The banks leading the deal are named in the filing: Citigroup, Deutsche Bank, Standard Bank and CICC are acting as representatives of the underwriters, with B. Riley Securities and Needham & Company as co-managers. Separately, Stanbic Africa Holdings, part of Standard Bank Group, has agreed to buy shares in a private placement alongside the IPO, capped at up to $200 million.

OPay by the numbers

All figures below come from the F-1 and are in US dollars.

Revenue in the first half of 2026 was 136.5% higher than in the same period of 2025. Nigeria produced 89.5% of revenue in H1 2026. OPay also operates in Indonesia, Egypt and Pakistan, but this is overwhelmingly a Nigerian business.

Lending is now a big engine

OPay estimates, using Frost & Sullivan market data, that it handled about 57.4% of the value of digital loans disbursed in Nigeria in 2025. Lending brings income, but it also brings losses: the filing shows a provision for expected credit losses of $118.4 million in the first half of 2026 alone. That line is worth watching as closely as revenue.

Savings and where the money sits

Nairametrics' review of the filing found customer savings of $978.94 million at 30 June 2026, with more than 42 million users signed up to savings products. OPay also reported a short-term investment portfolio of $532.94 million, about 27.9% of total assets, much of it placed through Nigerian asset managers. The company lists liquidity and counterparty risk on these placements as risk factors.

Why an NGX listing is not automatic

The filing is careful on this point. The Nigerian listing depends on market conditions and on Nigerian rules, including the Investments and Securities Act 2025, SEC Nigeria regulations and the NGX Rulebook. OPay says it may not happen within any expected time frame, or at all.

There is also a technical catch. Unless special cross-market arrangements are put in place, shares traded on the NGX may not be interchangeable with the ADSs traded in New York. In plain words, the two could trade as separate pools, at different prices, and you might not be able to move your holding from Lagos to New York or back. The company warns this could split trading activity and cause price gaps or extra volatility.

The bigger picture for the NGX

NGX Group has openly pushed for companies like OPay to list at home. Nairametrics reported that at a 6 August meeting with President Tinubu, NGX Group CEO Temi Popoola named OPay among the fintechs whose listing could widen choices for Nigerian investors. The Nigerian market has few large technology stocks, so a listing by a firm used by tens of millions of Nigerians would be a notable addition.

What this means for investors

For now there is nothing to buy on the NGX, and no Nigerian offer document exists yet. If and when one is published, these are the questions worth asking:

• Price and valuation. How does the NGX price compare with the NYSE price, and what profit is it based on?
• What you actually own. Ordinary shares, or depositary receipts? Can they move between markets?
• Credit quality. Are loan losses rising faster than loan income?
• Currency. OPay reports in dollars but earns mostly in naira, so exchange rate moves affect its reported results.

Be wary of anyone selling "pre-IPO OPay shares" on social media or WhatsApp. Any genuine Nigerian offer would be approved by the SEC and announced through official channels.

This is for information only and is not investment advice.

FAQ

Can I buy OPay shares on the NGX now?

No. OPay has filed for a NYSE listing first. Its NGX secondary listing has board and shareholder approval but still needs market conditions and Nigerian regulatory approvals, and no date has been announced.

What will OPay's ticker be?

OPay has applied to list ADSs on the NYSE under the symbol "OPAY". No NGX ticker has been announced.

How much is OPay worth?

The F-1 does not yet include a price range. Earlier media reports said the company was targeting a valuation of about $4 billion, but that is not a confirmed figure.

Sources

• OPAY Ltd, Form F-1 registration statement, US SEC (filed 9 Oct 2026): https://www.sec.gov/Archives/edgar/data/2103076/000119312526418812/d56487df1.htm
• Nairametrics, "OPay secures approval for NGX secondary listing after NYSE debut" (11 Oct 2026): https://nairametrics.com/2026/10/11/opay-secures-approval-for-ngx-secondary-listing-after-nyse-debut/
• Nairametrics, "OPay's Nigerian listing plans echo NGX Group's call for homegrown giants to list locally" (11 Oct 2026): https://nairametrics.com/2026/10/11/opays-nigerian-listing-plans-echo-ngx-groups-call-for-homegrown-giants-to-list-locally/
• Nairametrics, "OPay discloses $532.9 million short-term investment portfolio ahead of US IPO" (11 Oct 2026): https://nairametrics.com/2026/10/11/opay-discloses-532-9-million-short-term-investment-portfolio-ahead-of-us-ipo/
• Nairametrics, "OPay claims 57.4% share of Nigeria's digital loan disbursements in 2025" (11 Oct 2026): https://nairametrics.com/2026/10/11/opay-claims-57-4-share-of-nigerias-digital-loan-disbursements-in-2025/