OPay files for NYSE listing as OPAY with first-half profit already in the F-1

OPay Limited filed a Form F-1 with the U.S. Securities and Exchange Commission on Oct. 9, 2026, to sell American depositary shares in an initial public offering and applied to list those ADSs on the New York Stock Exchange under the symbol OPAY — with the share count and price range still blank.

What the filing is — and is not

OPay Limited, a Cayman Islands holding company with principal executive offices in Singapore, filed a registration statement on Form F-1 (accession 0001193125-26-418812) on Oct. 9, 2026. The preliminary prospectus is an offer of ADSs representing ordinary shares and says the company has applied to list those ADSs on the NYSE under "OPAY." Closing of the offering is conditioned on final NYSE approval of the listing application.

The cover leaves the number of ADSs, the ADS-to-share ratio, and the price range blank. That blank is the filing's current state: this is a registration to go public, not a priced deal and not a debut close. OPay also says it is an emerging growth company and a foreign private issuer.

Citigroup, Deutsche Bank, Standard Bank, and CICC appear as lead underwriters on the cover, with Needham & Company and another co-manager also named.

What the financials print

For the six months ended June 30, 2026, the filing shows total revenues of $467.1 million, up from $197.5 million in the first half of 2025, and net income of $90.9 million, up from $21.7 million. Full-year 2025 revenue was $536.3 million with net income of $72.5 million, after a 2024 net loss of $50.8 million on $205.7 million of revenue.

Nigeria accounted for $417.6 million, or 89.5%, of first-half 2026 revenue. The company also reports operations in Indonesia, Egypt, and Pakistan.

On operating metrics the prospectus cites, first-half 2026 gross transaction value was $339.1 billion, versus $139.3 billion a year earlier. As of July 31, 2026, OPay reports 50.1 million monthly active users and 26.8 million daily active users, with 54% of MAU also qualifying as DAU. For the twelve months ended June 30, 2026, it reports 90.1 billion transactions representing $558 billion of GTV. Frost & Sullivan, as cited by OPay, ranked it the No. 1 finance app in Africa and the Middle East by MAU share at 9.9% in the first half of 2026.

As of June 30, 2026, cash and cash equivalents were $385.8 million and total assets $1.91 billion.

Concurrent Stanbic placement — and SoftBank as a holder, not the story

Concurrently with, and subject to, completion of the IPO and applicable regulatory approvals, Stanbic Africa Holdings Limited — a Standard Bank Group member — has agreed to buy ordinary shares in a private placement. The aggregate subscription price is the lowest of $200 million, the dollar equivalent of 0.98% of Standard Bank Group's qualifying regulatory capital excluding unappropriated profit, and the amount needed for a 4.99% post-offering stake at the IPO-derived per-share price. The private-placement buyer agreed to a 12-month lockup after the prospectus date, subject to stated exceptions.

The principal-shareholders table lists SoftBank Entities at 6.6% beneficial ownership before the offering, via 123,214,065 Series C preferred shares held by SVF II Origin (DE) LLC. That is a pre-offer holder fact from the F-1. It is not a SoftBank capital-markets announcement, not a SoftBank Gulf AI story, and not a change in SoftBank's own filings.

Secondary NGX path and what remains open

OPay says its board and shareholders have approved pursuing a secondary listing on the Nigerian Exchange after the NYSE primary listing, subject to Nigerian regulatory requirements and market conditions. An Aug. 14, 2026 memorandum of understanding with Stanbic Africa Holdings on potential product collaboration is described as non-binding.

What the F-1 does not yet set: IPO size, price range, ADS ratio, exact Stanbic dollar outlay (capped by the three-part formula), or a priced trading debut. Those wait on a later amendment, pricing, and NYSE approval.