LAGOS — Mobile payments company OPay is seeking a valuation of up to $4.42 billion in its planned listing in the United States, the company said on Friday.

According to Reuters, OPay plans to raise up to $366 million by selling about 16 million American Depositary Shares priced between $19 and $21 each.

The company was founded in 2018 by Chinese billionaire Yahui Zhou, who also founded Beijing Kunlun Tech. Besides Nigeria, it operates in Indonesia, Egypt and Pakistan. OPay raised $400 million in 2021 at a valuation of $2 billion, and its listing documents put its monthly active users at about 50 million as of 31 July.

The offer comes as demand for new listings in the US is under pressure from higher inflation and a sell-off in technology stocks.