# OPay Proposes 16 Million ADSs at $19 to $21 in U.S. IPO By John Kim Canonical URL: https://www.tokenpost.com/news/business/39912 Published: 2026-10-24T11:36:00.000Z Updated: 2026-10-24T11:36:00.000Z Section: Business > The base offering would generate $304 million to $336 million in gross proceeds before underwriting discounts and expenses. The proposed terms remain preliminary. OPay Limited filed an amendment Friday, Oct. 23, proposing to sell 16 million American depositary shares at $19 to $21 each in a U.S. initial public offering. The proposed base offering would bring in $304 million to $336 million before underwriting discounts and expenses, adding specific terms to [OPay’s earlier IPO plans](). Each ADS represents 10 OPay ordinary shares. The company has applied to list the securities on the New York Stock Exchange under the ticker OPAY, subject to final exchange approval. The terms are preliminary, and the registration statement must become effective before the securities can be sold. Underwriters may purchase up to 2.4 million additional ADSs within 30 days to cover over-allotments. If they exercise the option in full, the total offering would rise to 18.4 million ADSs. Nine investors have indicated nonbinding interest in buying up to $270 million of ADSs at the offering price, but they are not obligated to purchase shares. At the $20 midpoint, OPay estimates net proceeds of $291 million from the IPO, rising to $335.7 million if the over-allotment option is fully exercised. The company also estimates $183.6 million in net proceeds from a concurrent private placement. Stanbic Africa Holdings Limited has agreed to buy ordinary shares in the placement, subject to regulatory approvals. Its investment is capped at the lowest of $200 million, a limit tied to Standard Bank Group’s qualifying regulatory capital and a limit that would keep its post-transaction ownership at or below 4.99%. OPay describes itself as a digital financial platform offering wallets, payments, savings, merchant services and credit. The company reported unaudited revenue of $467.1 million for the six months ended June 30, 2026, compared with $197.5 million in the same period a year earlier. Net income rose to $90.9 million from $21.7 million, while Nigeria accounted for 89.5% of revenue. The proposed sale cannot proceed until the registration statement takes effect, and the NYSE listing requires final exchange approval. ## Links in this article - [OPay’s earlier IPO plans](https://www.tokenpost.com/news/business/30645)