SoftBank-backed OPay reveals revenue rise in US IPO filing

Oct 9 (Reuters) - Africa-focused digital ‌payments company ​OPay ​on Friday revealed in its US initial public offering filing that its revenue more than doubled in ‌the first six months of the year.

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 $90.9 million from $21.7 ​million a year earlier, while revenue more than doubled to $467.1 million from $197.5 million in the six months ended June ⁠30.

• 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 $400 ‌million at a $2 billion 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 $200 million 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".

(Reporting by Pragyan Kalita in ‌Bengaluru)

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