OPay, one of Nigeria’s largest fintech companies, is planning to list its shares on the Nigerian Exchange (NGX), potentially giving local investors direct access to one of Africa’s fastest-growing digital payments businesses.
People familiar with the matter said the fintech is expected to formally announce plans for the Nigerian listing soon. The proposed listing comes as OPay also prepares for a potential initial public offering in the United States that could value the company at about $4 billion.
Read also: Standard Bank eyes stake in OPay ahead of $4bn US IPO
It remains unclear whether OPay intends to list on the NGX at the same time as its proposed US IPO or pursue a Nigerian listing later under a dual-listing structure.
The company has not disclosed the timing, size of the proposed share sale, valuation or percentage of shares that could be offered to Nigerian investors.
An OPay spokesperson declined to comment.
A local listing would be significant for Nigeria’s capital market, which has struggled to attract some of the country’s biggest technology companies despite the rapid expansion of the digital economy.
It would also give domestic investors an opportunity to participate directly in OPay’s growth, rather than leaving the company’s potential value creation largely in the hands of foreign investors through an overseas listing.
The move comes shortly after Temi Popoola, chief executive officer of NGX Group, called on President Bola Tinubu to support measures that would encourage large companies generating substantial revenues in Nigeria to list locally.
Popoola specifically mentioned OPay and PalmPay as fintech companies considering overseas listings and argued…
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Read Full Article by Royal Ibeh at businessday.ng
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