OPay Withdraws $304 Million US IPO Following Foreign Regulatory Inquiry

OPay has withdrawn its planned $304 million initial public offering (IPO) on the New York Stock Exchange following a regulatory inquiry in an undisclosed foreign jurisdiction.

The SoftBank-backed payments company had priced 16 million American depositary shares at $19 each, valuing the business at approximately $4 billion ahead of its anticipated trading debut on Friday, October 30, 2026.

However, the company subsequently decided against proceeding with the offering after consultations with its underwriters.

OPay confirmed that it had reached a mutual agreement with the underwriters to terminate the underwriting agreement dated October 29, meaning its shares would no longer begin trading on the New York Stock Exchange as scheduled.

The company explained that the regulatory inquiry concerned a foreign jurisdiction that was not material to its core business operations.

It did not disclose the country involved, the regulatory authority conducting the inquiry or the specific issues under investigation.

Despite the development, OPay expressed confidence that the matter would be resolved satisfactorily and maintained that the decision was not connected to weaknesses in its financial performance or operational integrity.

The fintech company also assured customers that its services would continue without disruption across Nigeria and other markets where it operates.

The withdrawal comes after OPay had advanced preparations for one of the most significant international public offerings by a Nigeria-focused financial technology company.

The proposed transaction initially targeted a price range of $19 to $21 per share, with the potential to raise as much as $366 million before the final pricing was announced.

The company had planned to trade under the ticker symbol OPAY, with Citigroup, Deutsche Bank, Standard Bank and China International Capital Corporation among the institutions involved in the offering.

Founded in 2018, OPay has grown into a major digital financial services provider, offering payments, money transfers, savings and other financial products.

According to information disclosed in its IPO prospectus, the company had approximately 50 million monthly active users as of July 31, 2026.

Its gross transaction value increased to $358 billion in 2025 from $166.2 billion in 2024, reflecting the expansion of its digital payments business.

OPay previously raised $400 million in 2021 at a valuation of approximately $2 billion, attracting international investors seeking exposure to Africa’s growing financial technology industry.

The proposed US listing would have provided the company with access to additional international capital to support technology investment, product development and expansion into new markets.

OPay had also disclosed plans for a secondary listing on the Nigerian Exchange following its anticipated US market debut.

However, the withdrawal has introduced uncertainty over the timing of both transactions, with no revised listing date announced.

The company reiterated its commitment to Nigeria, stating that it would continue investing in digital financial services, supporting financial inclusion and expanding access to financial products.

The development represents a setback to OPay’s immediate fundraising plans, although the company has indicated that its existing operations and customer services remain unaffected.

Further developments will depend on the resolution of the regulatory inquiry and whether OPay decides to revive its international listing plans.

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