OPay is preparing for a potential initial public offering in the United States, targeting a valuation of about $4 billion, according to a Bloomberg report citing sources familiar with the matter.
The company is working with major global banks, including Citigroup, Deutsche Bank, and JPMorgan Chase, as it explores a listing that could happen later this year, although details remain subject to change.
But new data on Africa’s unicorn startups suggests that OPay’s IPO may face a critical test: whether private-market valuations can withstand public-market scrutiny.
The dataset, compiled by Multiples.vc, ranks African tech companies valued at over $1 billion (commonly referred to as unicorns) as of April 8, 2026.
TL;DR
- The current most valuable African tech unicorn is Naspers, with a valuation of $36.8 billion.
- Private investors are valuing African tech startups at levels that public markets have not yet matched.
| wdt_ID | wdt_created_by | wdt_created_at | wdt_last_edited_by | wdt_last_edited_at | Rank | Company | HQ | Valuation | Revenue | Revenue multiple | Ownership |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 1 | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | 1 | Naspers | South Africa | 36.8 | 7.2B | 5.1x | Public |
| 2 | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | 2 | Flutterwave | Nigeria | 5.2B | 0.1B | 54.7x | Private |
| 3 | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | 3 | OPay | Nigeria | 2.8B | N/A | N/A | Private |
| 4 | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | 4 | Wave | Senegal | 1.7B | N/A | N/A | Private |
| 5 | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | 5 | Tyme Group | South Africa | 1.5B | N/A | N/A | Private |
| 6 | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | 6 | Andela | Nigeria | 1.5B | N/A | N/A | Private |
| 7 | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | 7 | Fawry | Egypt | 1.1B | 0.2B | 6.3x | Public |
| 8 | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | 8 | WeBuyCars | South Africa | 1.0B | 1.6B | 0.7x | Public |
| 9 | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | 9 | Datatec | South Africa | 1.1B | 3.6B | 0.3x | Public |
| 10 | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | emmanuel-ashemiriogwa | 04/05/2026 05:30 PM | 10 | Interswitch | Nigeria | 1.0B | 0.2B | 5.2x | Private |
The Main Issue
At the top of the list sits Naspers, with a valuation of $36.8 billion.
However, Naspers is a diversified global investment company and operates on a different scale from typical venture-backed startups.
Among true tech unicorns, fintech firms dominate the rankings, with Flutterwave at $5.2 billion and OPay at $2.8 billion, based on its most recent private valuation.
That concentration is not accidental.
Across Africa, financial technology companies (offering payments, transfers, and digital banking) have become the backbone of the startup ecosystem, driven by large unbanked populations and rapid mobile adoption.
However, the valuation metrics attached to these companies reveal a deeper issue.
Flutterwave, for example, is valued at roughly 54.7 times its revenue, according to the dataset.
By contrast, publicly traded African firms operate at far lower multiples.
Fawry trades at about 6.3 times revenue, while WeBuyCars trades at just 0.7 times, and Datatec at approximately 0.3 times.
This gap between private valuations and public market pricing is one of the most striking patterns in the data.
In simple terms, private investors are valuing African tech startups at levels that public markets have not yet shown they are willing to match.
That is where OPay’s IPO becomes significant.
Opay’s IPO Push
At a current valuation of around $2.8 billion, OPay is aiming to list at roughly $4 billion, a jump of about 40%.
Such an increase would require strong investor confidence in the company’s growth trajectory, revenue scale, and long-term profitability.
Yet unlike some public peers, many private startups (including OPay) disclose limited financial data.
The dataset shows that only a handful of companies report revenue figures, making it harder for investors to benchmark performance.
This lack of transparency can become a challenge during IPOs, where public investors typically demand detailed financial disclosures and clearer paths to profitability.
The broader implication is that OPay’s listing could act as a market signal for Africa’s entire tech sector.
If the IPO succeeds at or above its target valuation, it would validate the high multiples currently assigned to private startups and potentially open the door for more listings.
But if the company is priced lower (or struggles after listing), it could trigger a reassessment of valuations across the ecosystem.
Nigeria’s Strong Presence
Nigeria’s strong presence in the dataset adds another layer to the story.
Companies like Flutterwave, OPay, Interswitch, and Moniepoint highlight the country’s central role in Africa’s fintech growth.
This concentration means that any valuation reset could have ripple effects across one of the continent’s most active startup markets.
Timing also matters.
Global IPO markets have become more cautious in recent years, with investors placing greater emphasis on profitability and sustainable growth rather than aggressive expansion.
ELI5
OPay wants to sell shares to the public at a higher value than before. But data shows many African startups are valued much higher privately than similar companies on the stock market. If investors don’t agree with OPay’s price, it could affect how all African tech companies are valued. This IPO will show whether those high startup valuations are real or too optimistic.
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