Nigerian fintech company OPay has secured $304 million from its initial public offering (IPO) in the United States, placing its estimated market valuation at about $4 billion.

The company offered 16 million American depositary shares at $19 each, according to Reuters on Friday. The price was at the lower end of its proposed range of $19 to $21 per share.

The listing comes at a difficult time for the global financial market, as persistent inflation and a selloff in artificial intelligence-related stocks continue to affect investor confidence.

Market uncertainty has also forced several companies to delay planned stock market listings, with concerns over share valuations and market volatility making it harder to attract investors at favourable prices.

Established in 2018, OPay provides digital financial services in emerging markets, including Nigeria and Indonesia. Its services include electronic payments, money transfers, savings and loans, all accessible through a single mobile application.

The company was founded by Chinese entrepreneur Yahui Zhou, who also established Beijing Kunlun Tech, a gaming company that previously owned dating platform Grindr.

OPay’s latest valuation represents a significant increase from the $2 billion valuation it secured in 2021, when it raised $400 million in a funding round.

Information contained in its IPO prospectus shows that the company had approximately 50 million monthly active users as of July 31, 2026.

SoftBank-affiliated entities held a 6.6 per cent stake in the fintech company before the public offering, according to the filing.

Citigroup, Deutsche Bank, Standard Bank and CICC are among the financial institutions overseeing the IPO.

Following the offering, OPay is expected to trade on the New York Stock Exchange under the ticker symbol OPAY.

Source: Reuters, Vanguard News.