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Maybe 100%+ before Q2 ENDS馃檭馃寶
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The New York listing did not happen.
Hours after OPay priced the $304 million deal, a Chinese regulatory inquiry forced it to halt. Bloomberg reported the inquiry came from a Chinese regulator, even though OPay has no operations or revenue in mainland China. Its only clear link is the founder, Zhou Yahui.
The company had said earlier that the stop was due to a regulatory inquiry from a foreign jurisdiction, and that it should not be read as a comment on its business, its numbers, or its standing with regulators. It then agreed with its underwriters to cancel the underwriting agreement. The shares never traded. The deal will not close.
So the $4 billion public number we wrote about never became a live price. The app is still running. Nigeria is still most of the business. The secondary NGX plan was always tied to the New York listing happening first. That door is now shut, at least for now.
Will people still be investing when things change?
OPay priced in New York today. $19 a share, the bottom of the $19 to $21 range. 16 million American depositary shares. That raises $304 million and puts the company at about $4 billion.
The ticker is $OPAY. Each listed share is an ADS that stands for 10 ordinary shares. Trading was expected to start today, 30 October. The deal itself closes around 2 November.
People still talk about OPay like it is just the app that sends money. The filing says otherwise.
In 2024 it made $206 million in revenue and lost $51 million. In 2025 revenue jumped to $536 million, up 161%, and it made $72.5 million in profit. First half of 2026 alone: $467 million in revenue, up 137% from the same period a year before, and $91 million in profit. That half-year profit is already bigger than all of 2025.
Nigeria is still the engine. About 89.5% of first-half revenue came from here. As of 31 July it had roughly 50 million monthly active users. Gross transaction value in 2025 was $358 billion, more than double the year before.
And a lot of the money is no longer just transfers. In the first half of 2026, loan financing was about half of revenue. Payments were smaller. So the app on your phone is also a lender. That is why the profit jumped, and it is also why the risk is real. Lending can reverse.
On valuation: it raised $400 million in 2021 at a $2 billion price. Today the public market is saying about $4 billion. Double in five years, on a business that more than doubled revenue in one year and flipped from loss to profit. Some people will call $4 billion expensive. Some will call it cheap for a company that already sits in half of Nigeria鈥檚 phones. Both can be argued. The market just set the first public number.
You still cannot buy it on the NGX. The company has said it wants a secondary listing here after New York, subject to regulators and the market. That door is not open yet.
Will you be investing? Some will, in New York, today. As for me, I am waiting for the NGX turn.
If you can鈥檛 love me like OPAY btw nothing for you!
They call me at least three times a day to check on me and ask me to take loans to ease me financial burden
What did I do to deserve this love @OPay_NG ?馃ズ
OPay priced in New York today. $19 a share, the bottom of the $19 to $21 range. 16 million American depositary shares. That raises $304 million and puts the company at about $4 billion.
The ticker is $OPAY. Each listed share is an ADS that stands for 10 ordinary shares. Trading was expected to start today, 30 October. The deal itself closes around 2 November.
People still talk about OPay like it is just the app that sends money. The filing says otherwise.
In 2024 it made $206 million in revenue and lost $51 million. In 2025 revenue jumped to $536 million, up 161%, and it made $72.5 million in profit. First half of 2026 alone: $467 million in revenue, up 137% from the same period a year before, and $91 million in profit. That half-year profit is already bigger than all of 2025.
Nigeria is still the engine. About 89.5% of first-half revenue came from here. As of 31 July it had roughly 50 million monthly active users. Gross transaction value in 2025 was $358 billion, more than double the year before.
And a lot of the money is no longer just transfers. In the first half of 2026, loan financing was about half of revenue. Payments were smaller. So the app on your phone is also a lender. That is why the profit jumped, and it is also why the risk is real. Lending can reverse.
On valuation: it raised $400 million in 2021 at a $2 billion price. Today the public market is saying about $4 billion. Double in five years, on a business that more than doubled revenue in one year and flipped from loss to profit. Some people will call $4 billion expensive. Some will call it cheap for a company that already sits in half of Nigeria鈥檚 phones. Both can be argued. The market just set the first public number.
You still cannot buy it on the NGX. The company has said it wants a secondary listing here after New York, subject to regulators and the market. That door is not open yet.
Will you be investing? Some will, in New York, today. As for me, I am waiting for the NGX turn.
NGX next ? 馃寶
OPay has filed to list in New York first.
Its board and shareholders have approved a plan to list on the NGX after that but not yet tho.
Nigerian regulators still have to approve it. The market still has to allow it.
You cannot buy OPay on the NGX today yet, no price or date of listing.
Also using the app does not make you a shareholder.
Source: OPay US SEC filing, 9 October 2026. Reported by Nairametrics, 11 October.
