SoftBank-backed fintech, OPay, has raised $304m through its initial public offering on the New York Stock Exchange, marking its entry into the US public market at an estimated valuation of $4bn.
The company offered 16 million American depositary shares at $19 each, the lower end of its initial price range of $19 to $21, with trading commencing on Friday under the ticker symbol, OPAY.
The IPO gives OPay access to international capital market investors and provides an opportunity to broaden its ownership beyond existing shareholders.
Citigroup, Deutsche Bank, Standard Bank and China International Capital Corporation served as joint book-running managers for the offering.
The fintech also granted the underwriters a 30-day option to purchase an additional 2.4 million shares to cover possible over-allotments. If fully exercised, the additional shares could generate another $45.6m, bringing the total proceeds to approximately $349.6m.
The company expects the offering to close on 2 November,
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