Oct 9 (Reuters) – Africa-focused digital payments company OPay on Friday revealed in its US initial public offering filing that its revenue more than doubled in the first six months of the year.
The filing comes as surging bond yields and elevated interest rates dampen investor appetite for new listings, prompting several companies to delay their flotation plans.
Here are some more details:
• The Nigeria-focused fintech company’s net income rose to $90.9 million from $21.7 million a year earlier, while revenue more than doubled to $467.1 million from $197.5 million in the six months ended June 30.
• OPay provides digital payments and lending services across Nigeria, Indonesia, Egypt and Pakistan, allowing consumers and merchants to make payments, transfer money and access credit through its platform.
• OPay, founded by Chinese billionaire Yahui Zhou, raised $400 million at a $2 billion valuation in 2021. Zhou also founded Chinese gaming company Beijing Kunlun Tech Co Ltd, which was once the owner of the popular dating app Grindr.
• Fintech investment in Africa has grown as companies seek to serve a young, underbanked population increasingly adopting digital financial services.
• Stanbic Africa Holdings Limited has agreed to invest as much as $200 million in a concurrent private placement.
• SoftBank entities own a 6.6% stake in OPay before the offering, according to the filing.
• OPay plans to pursue a secondary listing in Nigeria after completing its NYSE listing.
• Citigroup, Deutsche Bank, Standard Bank, CICC are among the underwriters for the offering. OPay has applied to list its American depositary shares on NYSE under the symbol “OPAY”.
(Reporting by Pragyan Kalita in Bengaluru)
