OPay IPO: $304 million priced, no trading, then withdrawn

OPay was founded in 2018. Its app offers payments, transfers, savings and loans in economies where access to traditional banking is limited, including Nigeria and Indonesia. According to its prospectus, it had about 50 million monthly active users as of July 31. In 2021 it raised $400 million at a $2 billion valuation.

For the IPO, the company priced 16 million American depositary shares (ADS) at $19. That is the bottom of the $19 to $21 range. It raised about $304 million and valued the company at about $4 billion. SoftBank entities owned 6.6% before the offering. Citigroup, Deutsche Bank, Standard Bank and CICC were among the underwriters. The shares were planned to trade on the NYSE under the ticker OPay.

On Friday, Bloomberg reported that the shares did not begin trading as expected. As of 2 p.m. in New York they were indicated to open between $16.25 and $16.75. The NYSE feed reported a halt at 3:30 p.m. with news pending, and no executed trades appeared on the feed. Reuters reported that OPay withdrew the IPO.

The company cited a regulatory inquiry by a jurisdiction it did not identify. It called that jurisdiction immaterial to its core operations. OPay said it expects the matter to be resolved satisfactorily in the near future and asked that the probe not be read as a reflection on its business performance, financial condition, operational integrity or regulatory standing. It said the inquiry would not affect operations in Nigeria or its other markets.

What the sources do not say: who the regulator is, what the inquiry is about, and what happens to investors' orders. We do not guess. Reuters also noted that numerous companies worldwide have delayed listings in recent weeks as inflation and a selloff in AI-related stocks weigh on sentiment. OPay did not tie its decision to that, and we do not either.

Confirmed facts

• OPay withdrew a planned $304 million US IPO on Friday, citing a regulatory inquiry by a foreign jurisdiction it did not identify.^[1]
• The company called the jurisdiction immaterial to its core operations and did not identify the regulator or the nature of the inquiry.^[1]
• OPay said it expects the matter to be resolved satisfactorily in the near future and that the probe should not be misconstrued as a reflection on its business performance, financial condition, operational integrity or regulatory standing.^[1]
• OPay priced 16 million ADS at $19, the bottom of the $19 to $21 range, valuing the company at about $4 billion.^[1]
• SoftBank entities owned 6.6% of OPay before the offering.^[1]
• The shares were planned to list on the NYSE under the ticker OPay; Citigroup, Deutsche Bank, Standard Bank and CICC were among the underwriters.^[1]
• OPay had about 50 million monthly active users as of July 31, per its prospectus, and raised $400 million in 2021 at a $2 billion valuation.^[1]
• The shares did not begin trading in New York as expected; as of 2 p.m. they were indicated to open at $16.25 to $16.75.^[2]
• The NYSE feed reported a trading halt at 3:30 p.m. with news pending, and no executed trades appeared on the feed.^[2]
• Numerous companies worldwide have delayed listings in recent weeks as stubborn inflation and a selloff in AI-related stocks weigh on sentiment.^[1]

Implications

• ConfirmedOPay says the inquiry will not affect its operations in Nigeria or its other markets.
• Our readingA pulled deal may make investors more cautious about new US listings of African fintechs.

Still unknown

• Which regulator is involved and what the inquiry is about.
• What happens to the orders and money of investors who were allocated shares.
• Whether and when OPay will return to the IPO.
• When exactly the shares were priced: Reuters and Bloomberg describe the day differently.

Who it affects

Nigeria, United States, Worldwide. IPO investors and readers following African fintech

Sources

1. Reuters: SoftBank-backed OPay withdraws $304 million US IPO after regulatory inquiry October 30, 2026 · media
2. Bloomberg: Opay Shares Fail to Trade After Raising $304 Million in US IPO October 30, 2026 · media