Why OPay IPO sale was halted after debut on NYSE

OPay Limited has explained why its planned initial public offering (IPO) on the New York Stock Exchange (NYSE) was halted, citing a regulatory inquiry involving a foreign jurisdiction.

The fintech company in a statement made available to Nairametrics noted that that although it expects the inquiry to be resolved satisfactorily in the near future, it decided against proceeding with the offering after consultations with its underwriters.

The decision means OPay’s American Depositary Shares (ADSs) will not commence trading on the NYSE as previously scheduled.

Nairametrics earlier reported that OPay’s shares did not begin trading on the New York Stock Exchange as expected on Friday, October 30.

OPay, underwriters reach agreement

The company said it mutually agreed with the underwriters to terminate the underwriting agreement dated October 29, 2026, following careful consideration of the regulatory development.

OPay described the jurisdiction involved in the inquiry as immaterial to its core business operations but said it considered postponing the offering the most prudent decision under the circumstances.

• The company did not disclose the identity of the jurisdiction involved or the specific nature of the regulatory inquiry.

However, OPay distance the development from concerns about its financial position, operational integrity or regulatory compliance across its markets.

According to the company, the inquiry relates to a foreign jurisdiction and is being addressed through the appropriate 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 statement said.

The fintech firm added that it was actively engaging relevant stakeholders to facilitate an early resolution of the matter.

It also maintained that the development would have no impact on its business operations, regulatory standing or service delivery in Nigeria and other markets where it operates.

OPay said its services would continue normally across Nigeria, Indonesia, Egypt and Pakistan, reaffirming its commitment to customers, merchants, agents, business partners and employees.

OPay reaffirms investment commitment to Nigeria

Despite the setback to its planned international listing, OPay said its long-term commitment to Nigeria remains unchanged.

• The company pledged to continue investing in the country’s digital financial services sector, with a focus on promoting financial inclusion, supporting economic growth and contributing to the development of the digital economy.
• The planned NYSE listing represented an important milestone in the company’s efforts to access international capital markets, although the latest development has put the transaction on hold.

OPay said it would provide further updates as material developments occur.

OPay priced IPO at $19

Nairametrics had earlier reported that OPay priced its offering at $19 per American depositary share, valuing the digital financial services provider at approximately $4 billion. The offering comprised 16 million ADSs, with trading scheduled to begin on October 30 under the ticker OPAY.

• The company filed its Form F-1 registration statement with the US Securities and Exchange Commission on October 9, formally setting its proposed NYSE listing in motion.
• OPay granted its underwriters a 30-day option to purchase up to an additional 2.4 million ADSs to cover over-allotments, with the offering expected to close on November 2, 2026, subject to customary closing conditions.
• Bloomberg identified Citigroup, Deutsche Bank and Standard Bank as leading the IPO, while Nairametrics’ earlier coverage also named China International Capital Corporation among the joint book-running managers.

OPay plans listing in Nigeria

OPay’s US offering comes alongside plans to give Nigerian investors access to its shares through a proposed secondary listing on the Nigerian Exchange Limited. Nairametrics previously reported that the company’s board and shareholders had approved the proposal, which would follow completion of its primary NYSE listing.

• Nairametrics exclusively reported in August that OPay was considering an NGX listing, before the company confirmed the approvals in October.
• The fintech processed $358 billion in gross transaction value in 2025, compared with $166.2 billion in the preceding year, while monthly active users increased to 39.3 million from 25.1 million.

OPay also disclosed a short-term investment portfolio of $532.94 million as of June 30, 2026, with a substantial portion invested through Nigerian asset management companies.

The proposed Nigerian listing would extend OPay’s access to domestic investors while allowing the company to maintain its primary presence in the US capital market.