OPay Limited has suspended its planned initial public offering (IPO) on the New York Stock Exchange (NYSE) due to a regulatory inquiry in a foreign jurisdiction. The fintech firm had priced 16 million American Depositary Shares (ADSs) at $19 each, raising about $304 million and valuing the company at roughly $4 billion. The shares were expected to begin trading on the NYSE on October 30, 2026, under the ticker symbol OPAY.
The suspension of the IPO was announced after OPay and its underwriters mutually agreed to terminate the underwriting agreement dated October 29, 2026. The company determined that not proceeding with the offering at this time was the most prudent course of action. As a result, the offering will not be completed, and the company’s ADSs will not begin trading on the NYSE as previously planned.
OPay stated that the regulatory inquiry relates to a jurisdiction that is immaterial to its core operations. The company stressed that the inquiry does not reflect on its business performance, financial condition, operational integrity, or regulatory standing. OPay is engaging relevant stakeholders and expects the matter to be resolved satisfactorily in the near future.
The company maintained that the development has no impact on its operations, service delivery, or regulatory standing in Nigeria or any other market where it operates, including Indonesia, Egypt, and Pakistan. OPay reaffirmed its commitment to Nigeria’s digital economy, financial inclusion, and continued investment in the country’s digital financial services sector.
The IPO had been positioned as a major milestone for the SoftBank-backed company, with underwriters also granted a 30-day option to purchase up to 2.4 million additional ADSs to cover over-allotments. The offering had been expected to close on November 2, subject to customary conditions.
OPay thanked its stakeholders for their continued confidence and support, promising further updates as material developments occur. The company is committed to its operations in Nigeria and other markets, despite the suspension of the IPO. OPay's operations in Nigeria have been a significant contributor to the country's digital economy.
The suspension of the IPO does not affect OPay's long-term goals and strategy. The company will continue to focus on providing innovative financial services to its customers in Nigeria and other markets. OPay's commitment to financial inclusion and digital economy development remains unwavering.
Key points
- OPay suspends NYSE listing plans due to regulatory inquiry.
- The regulatory inquiry does not impact OPay's core operations or financial standing.
- OPay reaffirms commitment to Nigerian operations and digital economy development.
