Nigerian fintech company OPay has cancelled its planned $304 million initial public offering (IPO) on the New York Stock Exchange (NYSE), just hours before its shares were expected to begin trading, following a regulatory inquiry in an unnamed foreign jurisdiction.
The SoftBank-backed company had priced 16 million American Depositary Shares (ADSs) at $19 each on October 30, 2026, placing its valuation at approximately $4 billion. Its executives had also participated in the NYSE opening bell ceremony before the company announced that the offering would not proceed.
Key Highlights
- OPay cancelled its planned $304 million New York Stock Exchange IPO on October 31, 2026.
- The company had priced 16 million ADSs at $19 each, giving it an estimated $4 billion valuation.
- Trading was halted on October 30, hours before the shares were expected to debut.
- OPay attributed the withdrawal to a regulatory inquiry in an unnamed foreign jurisdiction.
- The company said the inquiry did not affect its core business operations or regulatory standing.
- Nigeria remains OPay’s largest market, accounting for about 89.5 per cent of its revenue in the first half of 2026.
- The proposed IPO-linked private placement of up to $200 million by Stanbic Africa Holdings is also on hold.
How OPay’s NYSE IPO Unfolded
OPay’s planned listing progressed through several stages before its abrupt cancellation.
On October 9, 2026, the company filed its Form F-1 registration statement with the United States Securities and Exchange Commission (SEC), formally beginning the IPO process.
On October 23, OPay announced a price range of $19 to $21 per ADS for 16 million shares. The proposed offering was expected to value the company at between $4 billion and $4.4 billion.
Nine investors had reportedly indicated non-binding interest in purchasing up to $270 million worth of the offering.
The NYSE certified approval of the listing under the proposed ticker symbol OPAY on October 27. Two days later, the underwriting agreement was signed.
The underwriting team included Citigroup, Deutsche Bank, Standard Bank and China International Capital Corporation (CICC), with B. Riley Securities and Needham & Company serving as co-managers.
On October 30, OPay priced the 16 million ADSs at $19 each, the lower end of the announced range, raising approximately $304 million.
Executives, including co-CEO Lars Boilesen and members of the Nigerian leadership team, participated in the NYSE opening bell ceremony. Large OPay banners were also displayed on the exchange’s facade.
Trading was expected to begin later that day, with the transaction scheduled to close around November 2.
However, the NYSE halted trading with a “news pending” notice in the afternoon. The shares never traded under the planned OPAY ticker.
Early indications had reportedly suggested that the stock could open between $16.25 and $16.75, below the $19 IPO price.
On October 31, OPay and its underwriters mutually agreed to terminate the underwriting agreement. The company said proceeding with the offering was no longer the most prudent course of action because of the regulatory inquiry.
What OPay Said About the Regulatory Inquiry
In its statement, OPay said the inquiry concerned “a jurisdiction that is immaterial to the Company’s core business operations”.
The company expressed confidence that the matter would be resolved satisfactorily in the near future.
It also cautioned that the development should not be interpreted as a reflection of its business performance, financial condition, operational integrity or regulatory standing.
OPay maintained that its operations and customer services in Nigeria and its other markets, including Indonesia, Egypt and Pakistan, remained unaffected.
The company also reaffirmed its long-term commitment to Nigeria, which accounts for the largest share of its business.
However, OPay did not identify the jurisdiction involved, the regulator conducting the inquiry or the specific subject under investigation.
What the Cancelled IPO Means for OPay’s Investors
The withdrawal represents a major setback for OPay’s plans to access the United States capital market and raise funds through a public listing.
The offering had been closely watched because of the company’s rapid growth and its position as one of the prominent digital financial services platforms operating in emerging markets.
A concurrent private placement of up to $200 million by Stanbic Africa Holdings, part of Standard Bank Group, was also tied to the completion of the IPO.
With the public offering cancelled, the proposed private placement is now on hold.
OPay has not announced a new date for a possible listing in the United States. Although withdrawn IPOs can sometimes be revived through updated regulatory filings, the company will likely need to provide further clarity on the inquiry before returning to the market.
Plans for a possible secondary listing on the Nigerian Exchange have also become uncertain following the cancellation.
OPay’s Growth and Financial Performance
Founded in 2018, OPay is a digital financial services company with roots linked to Opera and Chinese entrepreneur Yahui Zhou, who also founded Beijing Kunlun Tech.
The company provides payment services, money transfers, savings, loans and merchant solutions through its mobile application.
It has built a substantial presence in Nigeria, where it operates under licences as a mobile money operator and microfinance bank.
Figures contained in its IPO prospectus showed that OPay had approximately 50.1 million monthly active users and 26.8 million daily active users as of July 2026.
Nigeria accounted for about 89.5 per cent of the company’s revenue in the first half of 2026.
Its financial performance also showed significant growth. Revenue for the first six months of 2026 stood at $467.1 million, compared with $197.5 million during the corresponding period in 2025.
Net income rose to $90.9 million from $21.7 million in the same period.
Lending has also become an important source of revenue, with loan-related earnings surpassing income from pure transaction fees in recent periods.
OPay previously raised $400 million in 2021 at a valuation of $2 billion in a funding round led by SoftBank Vision Fund 2. SoftBank-related entities held approximately 6.6 per cent of the company before the proposed IPO.
Zhou remains the company’s founder and a major shareholder.
Regulatory Questions and Uncertainty Over Future Listing
The cancellation comes amid a challenging environment for technology companies seeking to enter the public markets, with inflation concerns and volatility in technology and artificial intelligence stocks affecting investor appetite.
OPay’s decision to price its shares at the bottom of the proposed range, alongside reports of a weaker expected opening price, had already raised questions about demand for the offering.
The unidentified regulatory inquiry has introduced further uncertainty.
Some reports have pointed to possible regulatory issues in markets outside Nigeria, including Indonesia, where aspects of the company’s lending arrangements have reportedly faced regulatory questions.
However, OPay has not confirmed that Indonesia is the jurisdiction involved. No regulator has publicly been identified as responsible for the inquiry.
Until the company provides further information, the precise circumstances behind the withdrawal remain unclear.
OPay Assures Customers of Continued Operations
Despite the cancellation of the IPO, OPay has maintained that its daily operations remain unaffected.
For customers in Nigeria, the company says its payment services and other financial products continue to operate normally.
The failed listing leaves questions about OPay’s future fundraising plans and the regulatory matter that prompted the withdrawal. It also marks an unusual episode in the company’s expansion, coming after executives had already taken part in the ceremonial opening bell event at the NYSE.
The company had completed the pricing process and prepared for its public market debut, but its shares never began trading.
