OPay IPO: Company Cancels $304M NYSE Listing Over Foreign Regulatory Inquiry

Nigerian fintech company OPay has withdrawn its planned $304 million initial public offering (IPO) on the New York Stock Exchange (NYSE) following a regulatory inquiry in an unnamed foreign jurisdiction.

The OPay IPO was expected to raise $304 million through the sale of 16 million American Depositary Shares (ADSs) at $19 each. However, the company and its underwriters mutually agreed to terminate the offering before the shares began trading.

In a statement, OPay described the jurisdiction involved in the inquiry as immaterial to its core business operations. The company also expressed confidence that the matter would be resolved satisfactorily in the near future.

However, it did not identify the jurisdiction, the regulatory authority involved or the nature of the inquiry.

Why OPay Cancelled Its $304 Million IPO

OPay said its decision followed careful consideration and discussions with its underwriting partners.

The company described withdrawing the offering as the most prudent course of action under the circumstances. As a result, it mutually agreed with the underwriters to terminate the underwriting agreement dated October 29, 2026.

The decision means OPay’s planned American Depositary Shares will not begin trading on the NYSE as originally scheduled.

OPay also stressed that the inquiry should not be interpreted as a reflection of its financial condition, business performance, operational integrity or regulatory standing.

According to the company, it is engaging relevant stakeholders through the appropriate channels to facilitate an early resolution.

OPay Had Targeted a $4 Billion Valuation

Before withdrawing the offering, OPay had priced 16 million American Depositary Shares at $19 each.

The price was at the lower end of its initial target range of $19 to $21 per share. At the offering price, the proposed share sale was worth approximately $304 million.

The planned listing also placed OPay’s estimated market valuation at around $4 billion.

Japanese investment group SoftBank held a 6.6% stake in the fintech company through its entities before the proposed offering, according to its IPO filing.

OPay had selected the ticker symbol OPAY for its planned NYSE debut. Citigroup, Deutsche Bank, Standard Bank and China International Capital Corporation were among the underwriters.

Nevertheless, the withdrawal has put the company’s immediate plans to access the US public market on hold.

OPay Says Nigerian Operations Remain Unaffected

Despite the setback to its listing plans, OPay says its services will continue normally in Nigeria and its other markets.

The company operates across Nigeria, Indonesia, Egypt and Pakistan, providing digital financial services such as payments, money transfers, savings and loans.

It maintained that the foreign regulatory inquiry would not affect its business operations, regulatory standing or customer service in these markets.

For Nigerian customers, merchants and agents, the company said there was no reason to interpret the IPO withdrawal as a disruption to its services.

OPay also reaffirmed its long-term commitment to Nigeria’s digital financial services sector. It said it would continue investing in financial inclusion and supporting the country’s digital economy.

You may also like : Africa Doesn’t Have a Money Problem. It Has a Movement Problem.

OPay’s Growth and International Expansion Plans

Founded in 2018, OPay has grown into one of Nigeria’s major digital payments companies.

The fintech raised $400 million in 2021 at a valuation of approximately $2 billion. Its latest IPO prospectus also reported about 50 million monthly active users as of July 31, 2026.

The company planned to use proceeds from its proposed public offering to invest in technology, expand its distribution network, develop new products and explore acquisitions and strategic investments.

However, the withdrawal means it will have to reconsider the timing of its planned access to international capital markets.

OPay has not announced a new listing date or confirmed when it might revisit the US offering. For now, the company says it is focused on resolving the regulatory matter while maintaining normal operations across its markets.