The SoftBank-backed fintech sold 16 million American depositary shares at $19, raising $304 million at a valuation of about $4 billion. Its 2021 private round valued it at $2 billion.
OPay's listing showed both sides of the market for venture-backed IPOs this fall.
The payments company priced 16 million American depositary shares at $19 each, the low end of its $19 to $21 range, raising $304 million. The pricing values the company at about $4 billion, Reuters and Bloomberg reported. Underwriters have a 30-day option to buy 2.4 million more shares, and the offering is expected to close on Nov. 2. The shares began trading on the New York Stock Exchange on Friday.
Citigroup, Deutsche Bank, Standard Bank and CICC were joint bookrunners.
Two readings of the same price
Pricing at the bottom of the range says investors pushed back on valuation. The deal came in a week when inflation data and a sharp selloff in AI stocks weighed on risk appetite.
At the same time, the IPO valuation is about double the $2 billion OPay was valued at when it raised $400 million in a private round in 2021. For its private backers, that is a markup on their last round, even if public buyers set the price.
SoftBank entities held 6.6% of OPay before the offering. The company had about 50 million monthly active users at July 31, according to its prospectus.
Why it matters beyond OPay
OPay is an emerging-markets fintech listing in New York at a time when the IPO window is a key test for venture investors seeking exits. A deal that prices at the low end but still clears above its last private mark suggests the window is open, at a price.
What to watch
OPay's first-day and first-week trading, whether underwriters exercise their option, the Nov. 2 closing, and the reception for the next venture-backed listings.