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SoftBank-backed OPay set for muted debut after $304 million US IPO

By Reuters News

** SoftBank-backed fintech OPay OPAY.N on track for muted New York debut after $304 million US IPO

** Stock recently indicated to open between $17 and $19 apiece vs $19 IPO price

** OPAY sells 16 million American depositary shares in IPO at low end of marketed range of $19 to $21 apiece

** Listing caps another slow month for US IPO market as rising borrowing costs and choppy conditions weigh on activity

** Launched in Nigeria in 2018, Africa-focused OPAY offers payments, transfers, savings, credit, and merchant services to more than 50 million users

** Citigroup Global Markets, Deutsche Bank AG and Standard Bank of South Africa acted as joint book-running managers

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