OPay withdraws its $304m New York listing over an inquiry abroad
The offering was priced on Friday, then pulled. OPay says the unnamed jurisdiction is immaterial to its core business and customers are unaffected.
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Lagos — OPay, the digital finance company built in Nigeria, has withdrawn its planned $304 million initial public offering in New York, citing a regulatory inquiry in a foreign jurisdiction that it did not name, Reuters reports.
The withdrawal came on Friday, 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. We earlier reported that OPay had listed on the New York Stock Exchange. That was wrong, and the story has been corrected.
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.
- The probe should not be read as a reflection on its business performance, financial condition, operational integrity or regulatory standing.
- 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, and it has not given a new timetable.
Founded in 2018, OPay offers payments, transfers, savings and loans in markets including Nigeria and Indonesia, and had about 50 million monthly active users on 31 July, according to its prospectus. Reuters notes that many companies worldwide have delayed listings recently.
Sources: Reuters via Central Oregon Daily and Premium Times, 31 October 2026.
