The SoftBank-backed fintech withdrew its planned New York Stock Exchange listing after pricing 16 million shares, saying the inquiry would not affect its operations in Nigeria and other markets.
Nigerian fintech company OPay has withdrawn its planned $304 million initial public offering (IPO) in the United States following a regulatory inquiry in an undisclosed foreign jurisdiction.
The decision came hours after the company priced its American depositary shares (ADSs) at $19 each, at the lower end of its proposed $19 to $21 range.
OPay had planned to offer 16 million shares on the New York Stock Exchange (NYSE), with the listing expected to value the company at approximately $4 billion.
However, the company and its underwriters subsequently agreed to terminate their underwriting agreement, meaning the offering would not be completed and the shares would not begin trading as scheduled.
In a statement, OPay said the inquiry concerned a foreign jurisdiction it considered immaterial to its core business operations. It did not identify the jurisdiction, the regulator involved or the nature of the inquiry.
“The inquiry should not be misconstrued as a reflection on the Company’s business performance, financial condition, operational integrity, or regulatory standing,” the company said.
OPay added that it was addressing the matter through appropriate channels and remained confident it would be resolved satisfactorily in the near future.
OPay @OPay_NG has officially launched its IPO on the New York Stock Exchange, pricing its shares at $19 each and raising approximately $304 million from its public offering. The SoftBank-backed fintech sold 16 million American depositary shares, giving the company an estimated valuation of $4 billion as it makes its debut on the US stock market under the ticker symbol OPAY. From powering everyday transactions in Nigeria to entering one of the world’s biggest financial markets, this marks a major milestone for the fintech company.
— The Daily Circular (@DailyCircularNg) October 30, 2026
OPay says Nigerian operations remain unaffected
The fintech company sought to reassure customers, merchants and business partners that the withdrawal would not disrupt its services.
It said the development had no impact on its business operations, regulatory standing or service delivery in Nigeria and its other markets, including Indonesia, Egypt and Pakistan.
“OPay continues to operate normally and remains fully committed to its customers, merchants, agents, business partners, employees, and the broader digital financial ecosystem,” the company said.
The withdrawal followed the company’s planned listing ceremony at the NYSE on Friday, October 30, where co-chief executive officer Lars Boilesen had described the proposed debut as a major milestone.
“We are proud to be the first Nigerian fintech to list in the US on the New York Stock Exchange,” Boilesen said at the event.
He also outlined plans to expand OPay’s financial services into other African markets, particularly countries where access to conventional banking services remains limited.
The planned listing was expected to give the company access to international capital markets and provide an opportunity to raise funds for its expansion.
OPay’s planned $4bn valuation and 50 million users
Founded in 2018, OPay provides digital financial services, including payments, money transfers, savings and loans, through its mobile platform.
The company’s IPO prospectus showed that it had approximately 50 million monthly active users as of July 31, 2026.
The proposed $304 million offering followed a $400 million funding round in 2021, which valued the company at about $2 billion. SoftBank entities held a 6.6 per cent stake in OPay before the proposed IPO.
The company had appointed major financial institutions, including Citigroup, Deutsche Bank, Standard Bank and CICC, among the underwriters for the offering.
The withdrawal means OPay’s immediate plans to access the US public equity market have been put on hold. The company has not announced when it might reconsider the listing or whether its other proposed capital-market plans will proceed.
For now, the regulatory inquiry remains undisclosed, while OPay maintains that its services and operations across its markets continue as normal.
