OPay Withdraws $304 Million NYSE IPO on Trading Day, Citing Regulatory Inquiry in Unnamed Foreign Jurisdiction
SoftBank-backed fintech OPay Limited has withdrawn its planned initial public offering on the New York Stock Exchange on the day its shares were due to begin trading, citing a regulatory inquiry in an unnamed foreign jurisdiction.
The company said it and its underwriters mutually agreed to terminate the underwriting agreement dated October 29, 2026, so the offering will not be completed. Reuters reported that OPay had priced 16 million American depositary shares (ADS) at $19 each, the bottom of its $19 to $21 range, valuing the company at about $4 billion and implying proceeds of $304 million.
In a statement sent to Condia, OPay described the jurisdiction as immaterial to its core business operations and said it expects the inquiry to be resolved satisfactorily in the near future. The company said its decision followed careful consideration and discussions with the underwriters, adding that it considered not proceeding with the offering at this time the most prudent course of action. It also stated that the development should not be interpreted as a reflection of its business performance, financial condition, operational integrity or regulatory standing.
OPay did not identify the jurisdiction, the regulator involved or the nature of the inquiry. It said the matter was being addressed through appropriate channels and that it was engaging relevant stakeholders to facilitate an early resolution.
The company's registration statement, filed with the US Securities and Exchange Commission on October 9, shows a business that turned profitable within a year: revenue rose to $536.3 million in 2025 from $205.7 million in 2024, and net income reached $72.5 million after a loss of $50.8 million. In the first half of 2026, revenue was $467.1 million and net income $90.9 million. By July 31, the company counted 50.1 million monthly active users, with Nigeria as its core market.
A planned secondary listing on the Nigerian Exchange was meant to follow the NYSE debut. OPay said it will provide further updates as material developments occur.
Source: GSM · USA (original Chinese edition)
Photo: 图：纽约证券交易所大楼外立面（资料图）。Ryan Schwark 摄，CC0，经 Wikimedia Commons。 / The New York Stock Exchange building facade (file photo). Photo by Ryan Schwark, CC0, via Wikimedia Commons.
