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Nigeria-focused fintech OPay raises $304mn in New York IPO at near-$4bn valuation
OPay said 16 million American depositary shares were priced at $19 each before the company halted the deal over a regulatory inquiry.
- On Friday, October 30, 2026, OPay Limited suspended its New York Stock Exchange initial public offering due to a regulatory inquiry in a foreign jurisdiction deemed immaterial to core operations.
- The SoftBank-backed fintech had aimed to raise $304m in the US public market at an estimated valuation of $4bn before the unexpected halt interrupted the company's entry into American markets.
- OPay and its underwriters mutually agreed to terminate the underwriting agreement dated October 29, 2026, after determining that not proceeding was the "most prudent course of action."
- Consequently, the offering will not be completed, and the company's American depositary shares will not commence trading on the NYSE as previously scheduled.
- OPay stated the inquiry "is immaterial to the Company's core business operations" and remains confident in a satisfactory resolution, while operations continue normally across all markets.
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'Why OPay suspended New York exchange listing, trading'
OPay Limited has provided an update regarding its New York Stock Exchange (“NYSE”) initial public offering (the “Offering”), saying the listing slated for Friday was suspended due to a regulatory inquiry relating to a jurisdiction which it said “is immaterial to the Company’s core business operations.” In a statement, the company stated that it is confident that the inquiry will be concluded satisfactorily in the near future. According to the st…
·Abuja, Nigeria
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Nigeria-focused fintech OPay raises $304mn in New York IPO at near-$4bn valuation
The listing tests US investor appetite for African fintech, with OPay’s lending-led growth lifting first-half revenue to $467.1mn and net profit to $90.9mn, ahead of a planned secondary listing on the Nigerian Exchange.
·Berlin, Germany
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