OPay Limited has withdrawn its planned $304 million initial public offering (IPO) in the United States following a regulatory inquiry in an undisclosed foreign jurisdiction, ending its immediate plans to list on the New York Stock Exchange (NYSE).
The Nigerian fintech company and its underwriters mutually agreed to terminate their underwriting agreement dated October 29, 2026. In an update published on October 31, OPay confirmed that the offering would not be completed and its American Depositary Shares (ADSs) would not begin trading on the exchange as previously scheduled.
The decision came after OPay priced 16 million ADSs at $19 each on October 30, giving the proposed offering a gross value of $304 million and implying a company valuation of approximately $4 billion. The shares were expected to trade under the ticker symbol OPAY, with the offering scheduled to close on November 2, subject to customary conditions.
However, the planned market debut did not take place. The NYSE’s trading information system displayed a halt marked “news pending” on October 30, while the shares had not recorded executed transactions, according to Bloomberg reporting cited by Nairametrics.
OPay described the jurisdiction involved in the inquiry as immaterial to its core business operations but did not identify the country, regulatory authority or subject of the investigation.
“The Company is confident that the inquiry will be concluded satisfactorily in the near future; however, after careful consideration and discussions with the underwriters, the Company determined that not proceeding with the Offering at this time would be the most prudent course of action,” the company stated.
The fintech added that it was addressing the matter through appropriate channels and engaging relevant stakeholders to facilitate an early resolution.
OPay also cautioned against interpreting the regulatory development as a reflection of its financial performance, operational integrity or regulatory standing. It maintained that the inquiry would not affect its business operations or service delivery in Nigeria and its other markets.
The company operates across Nigeria, Indonesia, Egypt and Pakistan, providing digital payments, money transfers, savings and credit services. Its IPO prospectus reported approximately 50.1 million monthly active users as of July 31, 2026.
The withdrawal followed several major milestones in the listing process. The US Securities and Exchange Commission declared OPay’s registration statement effective on October 29, while the company had already secured the planned NYSE listing approval and announced its IPO pricing the following day.
OPay’s earlier pricing announcement also included a 30-day option allowing the underwriters to purchase up to an additional 2.4 million ADSs to cover over-allotments. That option was part of the proposed transaction and should not be interpreted as shares already sold.
The planned offering had attracted attention from international investors, with SoftBank entities holding a 6.6% stake in OPay before the proposed listing. Citigroup, Deutsche Bank, Standard Bank and China International Capital Corporation were among the financial institutions involved in the IPO process.
Recall that Aree Tech reported OPay’s $304 million IPO pricing and its implied $4 billion valuation following the October 30 announcement. The subsequent regulatory development has prevented the transaction from reaching completion.
OPay has not disclosed when it might revisit its US listing plans. Its October 31 statement confirmed that it would provide further updates as material developments occur.
