OPay Withdraws $304m US IPO After Foreign Regulatory Inquiry, Delays $4bn Market Debut

Nigerian fintech giant OPay has withdrawn its proposed $304 million Initial Public Offering (IPO) on the New York Stock Exchange (NYSE) following the disclosure of a regulatory inquiry in an undisclosed foreign jurisdiction, disrupting its planned entry into the US stock market.

The company had completed the pricing of its shares and was expected to begin trading on Friday, October 30, 2026. However, the planned market debut was called off shortly before trading commenced, leaving investors uncertain about the future of the offering.

OPay disclosed that the regulatory inquiry relates to a market that is not material to its overall operations. The company also expressed confidence that the matter would be resolved, although it did not identify the regulator involved or provide details about the investigation.

OPay’s $304 Million IPO and $4 Billion Valuation

Before withdrawing the offering, OPay had priced 16 million American Depositary Shares (ADSs) at $19 each, the lower end of its proposed price range of $19 to $21 per share.

The offering was expected to raise approximately $304 million and give the company a valuation of about $4 billion.

OPay had planned to trade on the New York Stock Exchange under the ticker symbol OPAY, with major financial institutions, including Citigroup, Deutsche Bank, Standard Bank and China International Capital Corporation, serving as underwriters.

Despite the preparations for the listing, including an opening-bell ceremony attended by company executives, trading never commenced.

The exchange subsequently reported a trading halt pending news, while OPay terminated its underwriting agreement, bringing the planned transaction to an end.

Company Says Nigerian Operations Remain Unaffected

In explaining its decision, OPay said the withdrawal followed discussions with its underwriters and would not affect its business operations, financial position or services across Nigeria and other markets.

The company operates digital financial services, including payments, money transfers, savings and lending, serving customers in several emerging markets.

Founded in 2018 by Chinese entrepreneur Yahui Zhou, OPay has expanded its presence across countries including Nigeria, Indonesia, Egypt and Pakistan.

The fintech company has attracted significant investment over the years, including backing from Japan’s SoftBank. Entities affiliated with SoftBank held approximately 6.6 per cent of OPay before the proposed IPO.

In 2021, OPay raised $400 million in a funding round that valued the business at approximately $2 billion.

OPay Reports 50 Million Monthly Active Users

Figures contained in OPay’s IPO prospectus highlight the company’s growth and increasing transaction activity.

As of July 31, 2026, OPay reported approximately 50 million monthly active users.

The company also processed $358 billion in gross transaction value in 2025, representing a significant increase from the $166.2 billion recorded in 2024.

The planned $4 billion IPO valuation would have doubled the company’s valuation from its 2021 funding round.

However, gross transaction value represents the total value of transactions processed through a platform and should not be confused with revenue or profit.

The proposed listing would have provided OPay with access to public market investors while creating an opportunity for some existing shareholders to sell part of their holdings, depending on the final transaction structure.

Nigerian Stock Exchange Listing Also Faces Uncertainty

OPay’s abandoned US listing has also raised questions about its proposed entry into the Nigerian Exchange (NGX).

Before the withdrawal, the company’s board and shareholders had approved plans to pursue a Nigerian listing after completing its US market debut, subject to regulatory approvals and prevailing market conditions.

The proposed secondary listing was expected to provide Nigerian investors with an opportunity to acquire shares in one of the country’s major digital financial services companies.

However, with the New York offering now cancelled, the timing of the proposed NGX listing remains uncertain.

OPay has not announced whether it intends to revive the US IPO, submit revised offering documents or proceed with its Nigerian listing through a different arrangement.

What Happens Next?

The immediate focus will be on the outcome of the undisclosed regulatory inquiry and whether OPay can address the issues that led to the withdrawal of its IPO.

Although the company maintains that the matter will not affect its core business, the lack of details about the investigation leaves important questions unanswered for prospective investors.

For Nigeria’s fintech industry and capital market, the development is also significant. A successful OPay listing could have expanded investment opportunities in the country’s technology and financial services sectors.

For now, however, the proposed $304 million IPO remains withdrawn, and OPay’s planned debut on the New York Stock Exchange has been put on hold.