Good morning—welcome to this week’s IPO Stream.
This week’s traditional calendar is one large digital-payments deal with a soft “week of” date, plus a blank-check offering on Tuesday that we are leaving out. Two small operating names sit later in November.
| Company | Ticker | Size | Price Range | Underwriter |
|---|---|---|---|---|
| OPay Limited | OPAY | ~$320M | $19–$21 | Citigroup, Deutsche Bank Securities, Standard Bank, CICC |
| Bitari Inc. | BIAI | ~$30.0M | $7.00 | US Tiger Securities |
| Primagrove | YHTE | ~$30.5M | $4–$6 | Eddid Securities |
OPay Limited OPAY | Fintech / Digital Payments |
Size / Price ~$320M · $19–$21 | Shares 16M ADSs | LTM Revenue ~$806M |
This is the week’s main event. OPay is targeting about $320 million by offering 16 million American Depositary Shares at $19.00 to $21.00. Each ADS represents 10 ordinary shares. Citigroup, Deutsche Bank Securities, Standard Bank, and CICC lead, with B. Riley Securities and Needham as co-managers. Expected this week on the NYSE.
OPay is the parent of Nigeria’s leading digital banking app and ranks as the top finance app across Africa and the Middle East by monthly active users. It also operates in Indonesia, Egypt, and Pakistan.
Last-twelve-month revenue was about $806 million, with net income of about $50 million. SoftBank is a backer. Several investors have indicated non-binding interest in taking up to $270 million of the deal.
It is interesting because it is a profitable, scaled payments platform in a market where cash and unreliable infrastructure still dominate daily transactions. The risks are emerging-market regulation, currency, and competition from other mobile-money players.
Bitari Inc. BIAI | Crypto / Bitcoin Hosting |
Size / Price ~$30.0M · $7.00 | Shares 4.3M shares | HQ Texas |
Texas bitcoin-mining host, planning an approximately $30.0 million IPO of 4.3 million shares at $7.00. IPO timing remains unconfirmed. US Tiger Securities.
Primagrove YHTE | Tech / Software |
Size / Price ~$30.5M · $4–$6 | Shares 6.3M shares | HQ Hong Kong |
Hong Kong software and smart-office company, about $30.5 million, 6.3 million shares at $4.00 to $6.00, week of November 9. Eddid Securities.
Looking for something fun to do this Halloween? Check out this upcoming New York City event!
“That’s the non-SPAC list. OPay is the only sizable name. The November dates can still move. Have a good week.”