OPay, a Nigeria-focused fintech company, raised $304 million through its initial public offering (IPO) but its shares failed to begin trading on the New York Stock Exchange (NYSE) on Friday, October 30. The company's shares were priced at $19 each, valuing the company at about $4 billion. According to Bloomberg, the NYSE's trading message feed reported a halt in OPay's shares, with news pending. No completed trades appeared on the exchange's feed at the time of the report.
The development came a day after OPay priced 16 million American depositary shares (ADSs) at $19 each, the lower end of its previously announced price range of $19 to $21. The company's American depositary shares were indicated to open between $16.25 and $16.75 as of 2 p.m. New York time on Friday, both figures below the $19 IPO price announced a day earlier. The NYSE subsequently reported a trading halt at about 3:30 p.m., with news pending, although the exchange's feed showed no executed trades.
Earlier in the day, OPay executives participated in the NYSE opening-bell ceremony. A video shared on the exchange's X account showed the executives ringing the bell, while a DJ performed at a booth displaying the company's branding. However, the video was later unavailable. Bloomberg did not identify the reason for the trading halt or indicate when trading would commence.
OPay's IPO comprised 16 million ADSs, with the shares scheduled to begin trading on October 30 under the ticker symbol OPAY. The company filed its Form F-1 registration statement with the US Securities and Exchange Commission on October 9, setting the process for its proposed NYSE listing in motion. OPay also granted its underwriters a 30-day option to purchase up to an additional 2.4 million ADSs to cover over-allotments.
The offering is expected to close on November 2, 2026, subject to customary closing conditions. Bloomberg identified Citigroup, Deutsche Bank, and Standard Bank as leading the IPO. Nairametrics' earlier report also named China International Capital Corporation among the joint book-running managers. The US IPO is part of OPay's broader plan to expand access to its shares.
OPay plans a secondary listing on the Nigerian Exchange Limited (NGX), which is expected to follow the completion of its primary listing in the United States. The company's board and shareholders had approved the proposed Nigerian listing, which will give Nigerian investors an opportunity to own shares in the fintech company while allowing it to maintain its primary presence in the US capital market.
OPay's financial and operational figures highlight its growth in the Nigerian digital payments market. The company processed $358 billion in gross transaction value in 2025, more than double the $166.2 billion recorded in the preceding year. Its monthly active users also increased to 39.3 million from 25.1 million over the same period. As of June 30, 2026, OPay disclosed a short-term investment portfolio valued at $532.94 million, with a substantial portion invested through Nigerian asset management companies.
Key points
- OPay raised $304 million through its IPO, pricing its shares at $19 each.
- The company's shares failed to begin trading on the NYSE due to a trading halt.
- OPay plans a secondary listing on the Nigerian Exchange Limited (NGX).
