OPay Pulls $304 Million NYSE IPO on Day of Pricing After Undisclosed Foreign Regulatory Inquiry
OPay Pulls $304 Million NYSE IPO on Day of Pricing After Undisclosed Foreign Regulatory Inquiry #
OPay, the SoftBank-backed Nigerian digital payments company, withdrew its planned initial public offering on the New York Stock Exchange on the day of pricing, terminating its underwriting agreement hours after co-chief executive Lars Boilesen appeared at the exchange’s listing ceremony. The company cited a regulatory inquiry in an unnamed foreign jurisdiction.
OPay had priced 16 million American depositary shares at $19 each, the bottom of its $19-to-$21 target range, in a deal that would have raised approximately $304 million at an implied valuation of around $4 billion. Trading under the planned ticker symbol “OPay” never began.
In a statement, the company said the foreign jurisdiction connected to the inquiry was “immaterial” to its core business and that the matter would have no bearing on its services, regulatory standing, or customer relationships in Nigeria or its other markets. OPay did not identify the jurisdiction, the relevant regulator, or the nature of the investigation.
Boilesen had appeared at the NYSE earlier that day to mark what he described as a historic moment, saying OPay was proud to be the first Nigerian fintech to list in the United States. He also outlined ambitions to extend the company’s financial services across additional African markets where banking access remains constrained.
OPay was founded by Chinese entrepreneur Yahui Zhou. The company raised $400 million in 2021 at a valuation of $2 billion. Its prospectus reported approximately 50 million monthly active users as of July 31, 2026. Citigroup, Deutsche Bank, Standard Bank, and CICC were among the underwriters named in the offering.
OPay had also planned a secondary listing on the Nigerian Exchange following the NYSE debut. Both listings are now on hold pending resolution of the regulatory matter.
The company said it expected the inquiry to be resolved quickly and remained committed to its long-term strategy. It has not indicated whether it plans to refile for a public offering once the matter is resolved.
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