Zhitong Finance App learned that Opay Ltd., a payment platform focused on the Nigerian market, plans to raise up to US$336 million through an initial public offering (IPO). According to the company's filing with the US Securities and Exchange Commission (SEC) on Friday, Opay plans to issue 16 million American Depositary Receipts (ADR) at an issue price of $19 to $21 per share. Each ADR is equivalent to 10 OPay common shares. Based on the median value of the issue price range, based on the number of issued common shares listed in the file, Opay's market value is likely to exceed $4 billion. The company expects its ADR to be traded on the New York Stock Exchange under the stock code “OPAY.”

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