OPay Limited, the parent company of Nigerian mobile money operator Opay, has applied to list its shares on the New York Stock Exchange (NYSE) and plans a secondary listing on the Nigerian Stock Exchange (NGX), according to filings seen by Peoples Gazette said.
The content of a Form F-1 registration statement submitted to the U.S. Securities and Exchange Commission (SEC) on October 9 showed that Opay sought to file an initial public offering on the NYSE and that its success would determine whether a secondary listing would proceed on NGX.
“We have applied to list the ADSs representing our ordinary shares on the New York Stock Exchange, or NYSE, under the symbol ‘OPAY’,” the company, headquartered in Singapore, wrote in the form.
“We have obtained the approval of our board and shareholders to pursue a secondary listing on the Nigerian Exchange Limited (“NGX”) following the completion of our primary listing on the NYSE,” the company wrote. “The proposed secondary listing would be subject to market conditions.”
The proposed percentage stake, number of shares and expected turnover were not stated in the preliminary notice.
“This is an initial public offering of American depositary shares, or ADSs, representing ordinary shares of par value of US$0.000004 each of Opay Limited,” the company said in the filing.
Stanbic Africa Holdings Limited agreed to buy Opay ordinary shares in a private placement with an aggregate subscription pegged at $200 million, equivalent to 0.98 per cent of the regulatory capital of Standard Bank Group, the parent company of Stanbic Africa.
Stanbic’s $200 million private placement shares will make up 4.99 per cent of the total number of ordinary shares issued by Opay, filings showed.
Stanbic Africa, as a private placement investor, has agreed not to resell or transfer Opay shares for at least 12 months after the prospectus date.
Opay has a large customer base in Nigeria, with 50.1 million monthly active users and 26.8 million daily active users as of July 31, 2026.
Nigeria accounted for Opay’s highest revenue in 2025, at $472.6 million, or about 88.1 per cent of total revenue, compared with nations like Indonesia, Egypt, and others.
The margin between its profit in Nigeria and Indonesia (Opay’s second highest revenue generator) was wide. In Indonesia, Opay made $53 million (9.9 per cent) in 2025, which could not compare to the hundreds of millions of dollars generated in Nigeria.
The West African nation contributed $417.6 million, representing 89.5 per cent of the company’s revenue in the first six months of 2026.
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