OPay Clarifies NYSE Listing Plans, Reaffirms Commitment to Nigerian Operations
OPay Clarifies NYSE Listing Plans, Reaffirms Commitment to Nigerian Operations
OPay Clarifies NYSE Listing Plans, Reaffirms Commitment to Nigerian Operations
OPay Limited has suspended its planned initial public offering (IPO) on the New York Stock Exchange (NYSE) following a regulatory inquiry in a foreign jurisdiction, which the company says does not affect its core business operations.
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, but trading did not commence as scheduled.
In a statement on Saturday, OPay said it and its underwriters mutually agreed to terminate the underwriting agreement dated October 29, 2026, after determining 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 said the regulatory inquiry relates to a jurisdiction that is immaterial to its core operations and stressed that it does not reflect on the company’s business performance, financial condition, operational integrity, or regulatory standing. The company said it 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.
