Opay considers secondary listing on Nigeria Exchange as it eyes $4B US IPO

Opay Digital Services, the Nigerian payments platform that processed $358 billion in gross transactions last year, is weighing a secondary stock listing on the Nigerian Exchange alongside its planned US initial public offering. The dual-listing strategy would target a valuation of roughly $4 billion, double what the company was worth the last time it raised capital. The numbers behind the IPO push Opay’s financials explain why Wall Street is paying attention. In 2025, the company posted $536.3 million in revenue, a 161% jump from the prior year. More importantly, it swung to an operating profit of $107.1 million, proving that high-growth African fintech doesn’t have to be a perpetual cash furnace. Nigeria remains the engine. The country accounted for 88.1% of Opay’s total revenue last year, a concentration that’s both a strength and a vulnerability. The company has retained Citigroup, Deutsche Bank, and JPMorgan Chase to advise on the US IPO. The IPO prospectus is expected to drop imminently. Back in 2021, Opay raised $400 million in a round led by the SoftBank Vision Fund, which valued the company at $2 billion. A successful IPO at $4 billion would represent a clean double for tho...