OPay post-IPO trading halted after raising $304 million

OPay’s shares did not begin trading on the New York Stock Exchange as expected on Friday, October 30, after the Nigeria-focused payments platform raised $304 million in its US initial public offering.

According to Bloomberg, the exchange’s message feed reported a trading halt with news pending, although no executed trades appeared on the feed.

The development followed the pricing of 16 million American depositary shares at $19 each, the bottom of the company’s previously announced $19 to $21 range.

OPay trading halted, news pending

OPay’s American depositary receipts were indicated to open at between $16.25 and $16.75 each as of 2 p.m. in New York on Friday. Both ends of that indicative range were below the $19 IPO price announced the previous day, according to Bloomberg.

• The New York Stock Exchange’s message feed subsequently reported a trading halt at 3:30 p.m., with news pending, although no executed trades appeared on the feed.
• Earlier on Friday, a video posted to the exchange’s X account showed OPay executives ringing the opening bell and people enjoying music from a DJ performing in a booth carrying the company’s branding.
• The post was no longer available; meanwhile, US technology stocks fell sharply during the session, with the Nasdaq 100 Index declining 3.5%, its worst drop since early June.

OPay explains trading pause

In a statement made available to Nairametrics, OPay said the trading was paused due to a “regulatory inquiry relating to a jurisdiction that is immaterial to the Company’s core business operations.”

• “The Company is confident that the inquiry will be concluded satisfactorily in the near future; however, after careful consideration and discussions with the underwriters, the Company determined that not proceeding with the Offering at this time would be the most prudent course of action,” OPay stated.

Based on that, OPay said the Company and the underwriters mutually agreed to terminate the underwriting agreement dated October 29, 2026, relating to the Offering

• “As a result, the Offering will not be completed, and the Company’s ADSs will not commence trading on the New York Stock Exchange as previously scheduled,” it added.

The company emphasized that the development should not be misconstrued as a reflection on its business performance, financial condition, operational integrity, or regulatory standing.

• “This development has no impact on OPay’s business operations, regulatory standing, or service delivery in Nigeria or any other market in which the Company operates. OPay continues to operate normally and remains fully committed to its customers, merchants, agents, business partners, employees, and the broader digital financial ecosystem across Nigeria, Indonesia, Egypt, and Pakistan,” it said.

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.

The latest report updates Nairametrics’ earlier account that trading had commenced: OPay had priced its IPO and held its opening-bell ceremony, but Bloomberg reported that its shares had yet to begin trading.

OPay plans secondary NGX listing

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.