OPay IPO Filing: Revenue Up 137% Ahead of NYSE Listing

The OPay IPO is officially in motion. On October 9, 2026, the mobile payments company filed a Form F-1 with the SEC to list American depositary shares on the New York Stock Exchange under the ticker OPAY. The filing gives public investors their first full look at the numbers behind one of the biggest fintech apps in emerging markets, and the growth is hard to miss.

• Listing: NYSE, ticker OPAY. Price range and deal size are not yet set.
• First-half revenue: $467.1 million for the six months ended June 30, 2026, up from $197.5 million.
• First-half net income: $90.9 million, up from $21.7 million.
• Users: 47.5 million monthly active users at June 30, up from 31.1 million a year earlier, per the filing.

What Does OPay Do?

If you have not run into it, OPay is a mobile money and payments app. Reuters reports that it operates in Nigeria, Indonesia, Egypt and Pakistan, and the filing says Nigeria accounts for most of its revenue. The company was founded in 2017 and is based in Singapore, according to IPO research firm Renaissance Capital.

Think of it as an everyday finance app for places where a phone is often more common than a bank branch: sending money, paying merchants and bills, and holding a balance.

How Fast Is OPay Growing?

Here is the part that jumps off the page. Per the F-1:

• Revenue: $467.1 million in the first half of 2026 against $197.5 million a year earlier. That is roughly 137% growth.
• Full year: revenue of $536.3 million in 2025, up from $205.7 million in 2024.
• Profit: net income of $72.5 million in 2025, after a loss of $50.8 million in 2024, and then $90.9 million in just the first half of 2026.
• Volume: gross transaction value of $339.1 billion in the first half, up from $139.3 billion.

Renaissance Capital puts revenue for the 12 months through June at $806 million. So this is a company that swung from a loss to a profit while more than doubling its top line. You do not see that combination in many IPO filings.

What Do We Know About the Deal?

Not everything yet, and that is normal at this stage. The first public filing leaves the price range and the number of shares blank. Renaissance Capital estimates the offering could raise up to $500 million, but that is the firm's estimate and not a company figure.

What the filing and Reuters do tell us:

• Underwriters: Citigroup, Deutsche Bank, Standard Bank and CICC are among the banks on the deal.
• Private placement: Stanbic Africa Holdings has agreed to invest up to $200 million alongside the offering.
• Backers: SoftBank entities hold 6.6% before the offering, Reuters reports. OPay raised $400 million at a $2 billion valuation in 2021.
• Second listing: the company plans a secondary listing in Nigeria after the NYSE debut.

What Should Investors Keep in Mind?

A filing is a starting line, not a finish line. Terms can change, timing can slip, and nothing is priced until it is priced. The filing also shows that the business is concentrated in one main market, which is worth understanding before anyone gets excited about the growth rate. And as always, this is news and not investment advice.

Still, it is a healthy sign for the IPO market when a profitable, fast-growing fintech lines up for a big-board listing. It follows a busy stretch of tech debuts we have covered, from the SK Hynix US listing to the Bending Spoons IPO on Nasdaq.

I will be watching for the price range in an amended filing. That is when we find out what the market thinks all that growth is worth. More in our stock trading coverage.

Sources: SEC — OPay Form F-1 registration statement — October 9, 2026; Reuters via WMBD — OPay files for US IPO — October 9, 2026; Renaissance Capital — OPay files for an estimated $500 million US IPO — October 9, 2026.