Opay pursues dual listing in Nigeria and US, targeting $4 billion valuation
In brief
- Opay pursuing secondary listing on Nigerian Exchange alongside US IPO valued at ~$4 billion
- Fintech processed $358 billion in gross transactions in 2025, revenue grew 161% to $536.3 million
- Nigeria represents 88.1% of Opay's revenue, concentrating both opportunity and execution risk
- SoftBank Vision Fund backed 2021 round at $2 billion valuation; $4B IPO would double that
Growth and Financial Performance
Opay processed $358 billion in gross transactions in 2025, underscoring the scale of payments flowing through its platform. In 2025, the company posted $536.3 million in revenue, a 161% jump from the prior year, and swung to an operating profit of $107.1 million. These metrics reflect the company's trajectory since its 2018 founding, when it initially competed in ride-hailing before pivoting to digital financial services.
The revenue surge masks a critical vulnerability. Nigeria accounted for 88.1% of Opay's total revenue in 2025, a concentration that's both a strength and a weakness. An 88.1% dependence on a single market, especially one with a history of currency devaluations and capital controls, typically commands a discount in public market valuations.
Dual-Listing Strategy and IPO Plans
The secondary listing on Nigeria's exchange would allow domestic investors to participate without accessing US markets. NGX CEO Temi Popoola has been vocal about wanting major local fintechs to list domestically, and Opay's move aligns with that push.
The company has retained Citigroup, Deutsche Bank, and JPMorgan Chase to advise on the US IPO. The IPO prospectus is expected to drop imminently. At a $4 billion valuation, the deal would represent a significant return for early backers. Back in 2021, Opay raised $400 million in a round led by the SoftBank Vision Fund, which valued the company at $2 billion. A successful IPO at $4 billion would represent a clean double for those investors in roughly five years.
The dual-listing strategy carries strategic weight. It diversifies Opay's market exposure, gives Nigerian retail investors a local entry point, and potentially mitigates the concentration risk that public markets typically penalize.
