OPay Halts NYSE IPO Over Foreign Regulatory Inquiry

OPay Limited has halted its planned initial public offering on the New York Stock Exchange after a regulatory inquiry in a foreign jurisdiction, the fintech said in a statement. The decision means OPay’s American Depositary Shares will not start trading on the NYSE as earlier scheduled. The shares had been expected to begin trading on Friday, October 30.

OPay said it reached the decision after consultations with its underwriters. It expects the inquiry to be resolved satisfactorily in the near future. The company and its underwriters mutually agreed to terminate the underwriting agreement dated October 29, 2026, after careful consideration of the regulatory development.

Inquiry details remain undisclosed

OPay did not name the jurisdiction involved or give the specific nature of the inquiry. It described the jurisdiction as immaterial to its core business operations. The company said postponing the offering was the most prudent decision under the circumstances.

OPay sought to separate the regulatory issue from its financial position, operational integrity and regulatory compliance across its markets. "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 company said.

OPay said the inquiry relates to a foreign jurisdiction and is being handled through appropriate channels. It added that it is actively engaging relevant stakeholders to push for an early resolution. The company maintained that the development would have no impact on its business operations, regulatory standing or service delivery in Nigeria and other markets. It said services will continue normally across Nigeria, Indonesia, Egypt and Pakistan, and reaffirmed its commitment to customers, merchants, agents, business partners and employees.

Listing was priced at $19 per ADS

OPay had priced the offering at $19 per American Depositary Share, valuing the digital financial services provider at about $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 the NYSE listing in motion.

OPay granted its underwriters a 30-day option to buy up to an additional 2.4 million ADSs to cover over-allotments. The offering was 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 China International Capital Corporation was named among the joint book-running managers.

Nigeria listing still on the table

The NYSE offering was planned alongside a secondary listing on the Nigerian Exchange Limited. OPay’s board and shareholders had approved the proposal, which would follow completion of the primary NYSE listing. The company had considered an NGX listing in August before confirming the board and shareholder approvals in October. The Nigerian listing would give domestic investors access to the shares while OPay keeps its primary presence in the US capital market.

OPay said its long-term commitment to Nigeria remains unchanged despite the setback. It pledged to keep investing in digital financial services, financial inclusion, economic growth and the digital economy. The company processed $358 billion in gross transaction value in 2025, up from $166.2 billion in the previous year. Monthly active users rose to 39.3 million from 25.1 million. Its short-term investment portfolio stood at $532.94 million as of June 30, 2026, with a substantial portion invested through Nigerian asset management companies. OPay said it will provide further updates as material developments occur.