OPay Limited has defined why its deliberate preliminary public providing (IPO) on the New York Stock Exchange (NYSE) was halted, citing a regulatory inquiry involving a overseas jurisdiction.
The fintech firm in a press release made accessible to Nairametrics famous that that though it expects the inquiry to be resolved satisfactorily within the close to future, it determined towards continuing with the providing after consultations with its underwriters.
The determination means OPay’s American Depositary Shares (ADSs) is not going to start buying and selling on the NYSE as beforehand scheduled.
Nairametrics earlier reported that OPay’s shares didn’t start buying and selling on the New York Stock Exchange as anticipated on Friday, October 30.
OPay, underwriters attain settlement
The firm mentioned it mutually agreed with the underwriters to terminate the underwriting settlement dated October 29, 2026, following cautious consideration of the regulatory improvement.
OPay described the jurisdiction concerned within the inquiry as immaterial to its core enterprise operations however mentioned it thought of suspending the providing probably the most prudent determination below the circumstances.
- The firm didn’t disclose the id of the jurisdiction concerned or the precise nature of the regulatory inquiry.
However, OPay distance the event from issues about its monetary place, operational integrity or regulatory compliance throughout its markets.
According to the corporate, the inquiry pertains to a overseas jurisdiction and is being addressed by way of the suitable channels.
- “OPay wishes to emphasise that this development should not be misconstrued as a reflection on the Company’s business performance, financial condition, operational integrity, or regulatory standing,” the assertion mentioned.
The fintech agency added that it was actively partaking related stakeholders to facilitate an early decision of the matter.
It additionally maintained that the event would don’t have any impression on its enterprise operations, regulatory standing or service supply in Nigeria and different markets the place it operates.
OPay mentioned its providers would proceed usually throughout Nigeria, Indonesia, Egypt and Pakistan, reaffirming its dedication to prospects, retailers, brokers, enterprise companions and workers.
OPay reaffirms funding dedication to Nigeria
Despite the setback to its deliberate worldwide itemizing, OPay mentioned its long-term dedication to Nigeria stays unchanged.
- The firm pledged to proceed investing within the nation’s digital monetary providers sector, with a spotlight on selling monetary inclusion, supporting financial progress and contributing to the event of the digital economic system.
- The deliberate NYSE itemizing represented an necessary milestone within the firm’s efforts to entry worldwide capital markets, though the most recent improvement has put the transaction on maintain.
OPay mentioned it might present additional updates as materials developments happen.
OPay priced IPO at $19
Nairametrics had earlier reported that OPay priced its providing at $19 per American depositary share, valuing the digital monetary providers supplier at roughly $4 billion. The providing comprised 16 million ADSs, with buying and selling scheduled to start on October 30 below the ticker OPAY.
- The firm filed its Form F-1 registration assertion with the US Securities and Exchange Commission on October 9, formally setting its proposed NYSE itemizing in movement.
- OPay granted its underwriters a 30-day choice to buy as much as an extra 2.4 million ADSs to cowl over-allotments, with the providing anticipated to shut on November 2, 2026, topic to customary closing situations.
- Bloomberg recognized Citigroup, Deutsche Bank and Standard Bank as main the IPO, whereas Nairametrics’ earlier protection additionally named China International Capital Corporation among the many joint book-running managers.
OPay plans itemizing in Nigeria
OPay’s US providing comes alongside plans to offer Nigerian buyers entry to its shares by way of a proposed secondary itemizing on the Nigerian Exchange Limited. Nairametrics beforehand reported that the corporate’s board and shareholders had authorized the proposal, which might comply with completion of its main NYSE itemizing.
- Nairametrics exclusively reported in August that OPay was contemplating an NGX itemizing, earlier than the corporate confirmed the approvals in October.
- The fintech processed $358 billion in gross transaction worth in 2025, in contrast with $166.2 billion within the previous yr, whereas month-to-month energetic customers elevated to 39.3 million from 25.1 million.
OPay additionally disclosed a short-term funding portfolio of $532.94 million as of June 30, 2026, with a considerable portion invested by way of Nigerian asset administration firms.
The proposed Nigerian itemizing would lengthen OPay’s entry to home buyers whereas permitting the corporate to keep up its main presence within the US capital market.
