OPay Withdraws $304M New York IPO Over Regulatory Inquiry

BREAKING NEWSNovember 1, 2026 at 12:05 PM UTC

TLDR

Nigeria-focused fintech company OPay has canceled its $304 million initial public offering on the New York Stock Exchange after disclosing a regulatory inquiry in an unidentified foreign jurisdiction
The SoftBank-backed payments company had priced its shares and was scheduled to begin trading on October 30, 2026, before withdrawing the offering
OPay had priced 16 million American depositary shares at $19 each, the bottom of its proposed range of $19 to $21, valuing the company at approximately $4 billion

Nigeria-focused fintech company OPay has canceled its $304 million initial public offering on the New York Stock Exchange after disclosing a regulatory inquiry in an unidentified foreign jurisdiction. The SoftBank-backed payments company had priced its shares and was scheduled to begin trading on October 30, 2026, before withdrawing the offering. OPay said the inquiry concerned a market that was not material to its operations and that it expected the matter to be resolved. The company did not disclose the regulator involved or the nature of the investigation.

OPay had priced 16 million American depositary shares at $19 each, the bottom of its proposed range of $19 to $21, valuing the company at approximately $4 billion. The offering was expected to begin trading under the ticker OPAY, with Citigroup, Deutsche Bank, Standard Bank and China International Capital Corporation among the underwriters. OPay executives attended an opening-bell ceremony at the exchange, but the shares never began trading. The exchange later reported a trading halt pending news, and the company terminated its underwriting agreement.

The company said the decision followed discussions with its underwriters and would not affect its operations, financial position or services in Nigeria and other markets. OPay operates payment, money transfer, savings and lending services across emerging markets, including Nigeria, Indonesia, Egypt and Pakistan. Founded in 2018 by Chinese entrepreneur Yahui Zhou, the company has received investment from SoftBank, whose affiliated entities held a 6.6% stake before the planned offering. OPay raised $400 million in 2021 at a valuation of $2 billion.

OPay reported approximately 50 million monthly active users as of July 31, 2026, according to its IPO prospectus. The company processed $358 billion in gross transaction value in 2025, compared with $166.2 billion in 2024. Its planned $4 billion valuation was twice the level recorded during its last funding round. The offering would have provided access to public market investors while creating an opportunity for existing shareholders to sell part of their holdings, depending on the final transaction structure.

The withdrawal also creates uncertainty around OPay's proposed secondary listing on the Nigerian Exchange (NGX). 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 market conditions. With the New York transaction canceled, the timing of the NGX listing remains uncertain. OPay has not announced when it might resume its US offering or whether the regulatory inquiry will require changes to its listing plans.

Key Takeaways

OPay's decision to withdraw its $304 million IPO hours before trading began highlights how regulatory uncertainty can disrupt public listings even after companies complete pricing and attract investors. The planned offering valued OPay at approximately $4 billion, compared with $2 billion during its 2021 funding round, reflecting growth in its payments business and customer base. With 50 million monthly active users reported in July 2026 and $358 billion in transaction value processed during 2025, the company represents one of Africa's largest fintech businesses by transaction activity. However, transaction volume does not equal revenue or profit, making financial performance and operating margins important when assessing its valuation. The cancellation also shows that regulatory disclosures and approval requirements remain relevant until an offering is completed. Although OPay described the inquiry as unrelated to its main operations, investors have not been told which jurisdiction is involved, what the investigation concerns or when it may end. The withdrawal could also delay the company's proposed Nigerian Exchange listing, which was intended to follow its US debut. Such a listing would give Nigerian investors an opportunity to own shares in a financial services company used by millions of customers. For Nigeria's capital market, OPay's listing plans are part of a push to attract technology businesses that have traditionally relied on private investors or foreign exchanges for financing. A completed listing could increase market capitalization and expand investment options beyond banking, telecommunications and industrial companies. The immediate focus will be on the outcome of the regulatory inquiry, whether OPay files revised offering documents and when it resumes discussions with investors and underwriters. Until then, the $304 million transaction remains canceled, and no OPay shares have begun trading on the NYSE.

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