OPay, the African financial technology company backed by SoftBank Group, has officially commenced trading on the New York Stock Exchange (NYSE) following an Initial Public Offering (IPO) that raised $304 million.

The fintech company offered 16 million American Depositary Shares (ADSs) at $19 per share, giving it an estimated market valuation of approximately $4.01 billion.

The share price was fixed at the lower end of the initially proposed range of $19 to $21, according to details contained in the company’s regulatory filing.

As part of the offering, OPay also granted its underwriters a 30-day option to purchase an additional 2.4 million ADSs to accommodate excess demand.

The option is expected to close on November 2, subject to the applicable conditions.

The development represents a major achievement for OPay, which began operations in Nigeria in 2018 and has since expanded its services through technology-driven financial solutions aimed at individuals and businesses.

Speaking during the listing ceremony, the company’s Co-Chief Executive Officer, Lars Boilesen, described the occasion as an important milestone in its growth, noting that the company had moved from addressing everyday financial challenges in Nigeria to securing a place on one of the world’s leading stock exchanges.

Boilesen reaffirmed OPay’s commitment to expanding access to dependable, affordable and secure financial services, while delivering greater value to customers, businesses and communities.

The listing is expected to strengthen the company’s access to international capital markets as it continues pursuing its expansion plans and efforts to promote financial inclusion across emerging economies.