In its US IPO filing on Friday, Africa-focused digital payments startup OPay disclosed that its revenue more than doubled in the first half of the year.
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The application coincides with several corporations delaying their flotation ambitions as rising bond yields and high interest rates reduce investor interest in new listings.
In the six months ended June 30, the Nigeria-focused fintech company’s sales more than doubled to $467.1 million from $197.5 million, and its net income increased to $90.9 million from $21.7 million a year earlier.
Through its platform, OPay enables customers and businesses to make payments, transfer funds, and obtain credit in Nigeria, Indonesia, Egypt, and Pakistan.
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Yahui Zhou, a Chinese billionaire, established OPay, which received $400 million at a $2 billion valuation in 2021.
Zhou also created Beijing Kunlun Tech Co Ltd, a Chinese gaming firm that once owned the well-known dating app Grindr.
As businesses want to cater to a young, underbanked population that is increasingly embracing digital financial services, fintech investment in Africa has increased.
In a concurrent private placement, Stanbic Africa Holdings Limited has committed to investing up to $200 million.
According to the document, SoftBank held a 6.6% ownership in OPay before the transaction.
After completing its NYSE listing, OPay intends to pursue a secondary listing in Nigeria.
The offering’s underwriters include Citigroup, Deutsche Bank, Standard Bank, and CICC. OPay has submitted an application to list its American depositary shares under the “OPAY” symbol on the New York Stock Exchange.
