OPay prices its New York listing at a $4bn valuation, then withdraws it
The company cited an inquiry in a foreign jurisdiction it did not name, and says customers are not affected.
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Lagos — OPay, the digital finance company built in Nigeria, withdrew its planned $304 million initial public offering in New York on Friday, citing a regulatory inquiry in a foreign jurisdiction that it did not name, Reuters reports.
The withdrawal came the same day it priced 16 million American Depositary Shares at $19 each, the bottom of its $19 to $21 range, valuing the company at about $4 billion.
What OPay says
- The inquiry relates to a jurisdiction it calls immaterial to its core operations.
- It expects the matter to be resolved satisfactorily in the near future.
- Operations and customer service in Nigeria and its other markets will not be affected.
The company has not named the regulator or described what the inquiry is about.
The business
- About 50 million monthly active users on 31 July, according to its prospectus.
- A $1 billion revenue run rate in the second quarter of 2026.
- 137% year-on-year growth in the first half of 2026, at a 19% net margin.
Founded in 2018, OPay offers payments, transfers, savings and loans in markets including Nigeria and Indonesia.
Sources: Reuters via Central Oregon Daily and Premium Times, 31 October 2026.
