OPay is concentrating on a valuation of as much as $4.42 billion in its US preliminary public providing, the digital funds firm mentioned on Friday, searching for to capitalise on rising demand for digital monetary providers in rising markets.
The Nigeria-focused agency is searching for as much as $366 million by providing roughly 16 million American Depositary Shares between $19 and $21 apiece, Reuters reported.
The providing comes because the United States IPO market faces renewed stress from greater inflation and a selloff in AI-related shares, weighing on investor urge for food for brand spanking new listings and prompting a number of firms to delay their itemizing plans.
Founded in 2018, OPay supplies digital monetary providers, together with funds, cash transfers, financial savings and loans, and likewise operates in Indonesia, Egypt and Pakistan.
Nigeria, the world’s sixth-most-populous nation, has emerged as certainly one of Africa’s main fintech markets, producing a number of fintech firms together with Moniepoint, Flutterwave and Interswitch, in accordance with Tracxn.
OPay was based by Chinese billionaire Yahui Zhou, who additionally based Beijing Kunlun Tech, a Chinese gaming firm that beforehand owned courting app Grindr.
The firm raised $400 million in 2021 at a valuation of $2 billion. It had about 50 million month-to-month energetic customers as of July 31, in accordance with its IPO prospectus.
