SoftBank-backed OPay raises $304 million in US IPO

SoftBank-backed fintech OPay said on Friday it has raised $304 million in its US initial public offering, tapping public markets to position itself to benefit from expanding digital finance sector across emerging economies.

The Nigeria-focused firm sold 16 million American depositary shares at $19 apiece in the IPO, compared with its targeted range of $19 to $21, giving it a valuation of about $4 billion.

This comes at a time when stubborn inflation and a selloff in AI-related stocks have weighed on investor sentiment, prompting several companies to delay their listing plans as market volatility and concerns over valuations make it harder for issuers to attract demand and secure favorable pricing.