OPay Moves Toward Lagos Listing After Planned NYSE IPO
OPay's board and shareholders approved a secondary listing on the Nigerian Exchange, according to its 9 October US filing. The company plans to pursue a New York Stock Exchange IPO first under the symbol OPAY, then list in Lagos subject to approvals and market conditions. Nigeria accounted for 88.1% of OPay's 2025 revenue, which was US$536.3 million, with net income of US$72.5 million.
OPay is a Nigerian payments app. Its US filing says board and shareholders backed a second listing on the NGX after a planned NYSE IPO under OPAY. The company is Cayman-incorporated, Singapore-based, and used Form F-1, a US registration route for foreign issuers.
The filing reports 2025 revenue of US$536.3 million, up from US$205.7 million in 2024, with net income US$72.5 million. Nigeria generated 88.1% of 2025 revenue. It warns Lagos shares may not be interchangeable with New York ADSs, potentially causing separate prices and thinner trading. No dates, price range, or share count were given.
A Lagos listing could give Nigerian investors and savers a chance to hold a stake in a major local payments platform, potentially deepening interest in the NGX. It may also expose them to dual-market pricing, currency differences, and thinner liquidity. Because most revenue comes from Nigeria, OPay's performance could remain closely tied to local economic and regulatory conditions. Employees, merchants, and fintech users might feel indirect effects, though no listing is assured.