SoftBank-backed OPay reveals revenue rise in US IPO filing

Source: OPay.

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 $90.9m from $21.7m a year earlier, while revenue more than doubled to $467.1m from $197.5m in the six months ended 30 June.
• 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 $400m at a $2bn 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 $200m 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".