OPay raises $304m in US IPO, valued at $4bn

SoftBank-backed Nigerian fintech company OPay has raised $304 million in its initial public offering (IPO) in the United States, securing a valuation of approximately $4 billion as it seeks to expand its presence in the growing digital financial services market.

The fintech firm, which focuses on Nigeria and other emerging markets, sold 16 million American depositary shares at $19 each, according to a report by Reuters on Friday.

The offering price was at the lower end of its targeted range of $19 to $21 per share.

OPay’s listing comes amid challenging market conditions, with persistent inflation and a selloff in artificial intelligence-related stocks weighing on investor sent...