OPay is focusing on a valuation of as much as $4.42 billion in its US preliminary public providing, the digital funds firm stated on Friday, looking for to capitalise on rising demand for digital monetary companies in rising markets.
The Nigeria-focused agency is looking 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 strain from larger inflation and a selloff in AI-related shares, weighing on investor urge for food for brand new listings and prompting a number of firms to delay their itemizing plans.
Founded in 2018, OPay offers digital monetary companies, together with funds, cash transfers, financial savings and loans, and in addition operates in Indonesia, Egypt and Pakistan.
Nigeria, the world’s sixth-most-populous nation, has emerged as one among Africa’s main fintech markets, producing a number of fintech firms together with Moniepoint, Flutterwave and Interswitch, in line 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 line with its IPO prospectus.
