OPay Withdraws $304 Million New York IPO After Foreign Regulatory Inquiry

Nigeria-focused fintech company OPay has withdrawn its planned $304 million initial public offering (IPO) in the United States, just a day after pricing its shares and preparing for a major debut on the New York Stock Exchange (NYSE).

The development has attracted attention across the financial technology sector, particularly in Nigeria, where OPay has become one of the country’s most recognised digital payment platforms.

The company had initially priced 16 million American Depositary Shares (ADSs) at $19 each, placing its estimated valuation at approximately $4 billion. The offering was expected to make OPay one of the major Nigeria-focused fintech companies to access the American capital market.

However, the anticipated listing was cancelled before the shares could begin trading.

Why OPay Cancelled Its IPO

In a statement released on Saturday, October 31, 2026, OPay confirmed that it had mutually agreed with its underwriters to terminate the underwriting agreement dated October 29.

The company explained that the decision followed an inquiry in a foreign jurisdiction.

Although OPay did not identify the country, regulatory authority or specific subject of the inquiry, it said that proceeding with the public offering at that time would not be the most prudent decision.

The company expressed confidence that the matter would be resolved satisfactorily in the near future.

OPay also maintained that the inquiry was unrelated to its core business operations and did not reflect negatively on its financial condition, business performance or regulatory standing.

It further assured customers that its services across its operating markets would continue normally.

How Much Was OPay Planning to Raise?

Before the withdrawal, OPay had priced 16 million American Depositary Shares at $19 each.

The pricing was at the lower end of its proposed range of $19 to $21 per share.

The transaction was expected to generate approximately $304 million, while placing the company’s estimated market valuation at around $4 billion.

The shares were scheduled to trade on the New York Stock Exchange under the ticker symbol OPAY on October 30.

The offering was also expected to close on November 2, subject to the completion of the required conditions.

However, the planned trading session did not proceed as expected. The exchange reported a trading halt with news pending, and no shares were executed before the company announced its withdrawal.

OPay’s Growing Influence in Nigeria

Founded in 2018, OPay has grown into a major player in Nigeria’s digital financial services industry.

The company provides services including money transfers, bill payments, savings, credit facilities and merchant payment solutions.

Its platform has become particularly popular among individuals and businesses seeking convenient alternatives to traditional banking services.

According to information contained in its IPO prospectus, OPay had approximately 50 million monthly active users as of July 31, 2026.

Beyond Nigeria, the company also operates in Egypt, Pakistan and Indonesia.

Its expansion reflects the increasing demand for mobile financial services across emerging economies, where millions of people rely on digital platforms to carry out everyday financial transactions.

Major Investors and International Interest

OPay has attracted investments from major international financial players, including SoftBank.

Before the proposed IPO, entities associated with SoftBank held approximately 6.6 per cent of the company, according to its regulatory filing.

The planned public offering also involved major financial institutions, including Citigroup, Deutsche Bank, Standard Bank and China International Capital Corporation.

The participation of these institutions highlighted the international interest surrounding OPay’s expansion and its attempt to enter the United States public market.

The company had previously raised $400 million in 2021 at a valuation of approximately $2 billion.

Its proposed $4 billion valuation represented a significant increase compared with its earlier fundraising valuation.

What Happens Next?

OPay’s withdrawal raises questions about the future of its international fundraising plans and its proposed expansion into additional markets.

The company has indicated that it expects the foreign inquiry to be resolved satisfactorily and has maintained that its daily operations remain unaffected.

There had also been plans for a possible secondary listing on the Nigerian Exchange, which could provide local investors with an opportunity to participate in the company’s growth.

However, the implications of the withdrawn American offering for that proposal remain unclear.

For now, OPay’s immediate priority appears to be resolving the issue that led to the cancellation of its IPO.

The development represents an unexpected setback for a Nigerian-focused fintech company that was preparing to achieve a major milestone in the international financial market.

Despite the withdrawal, OPay has maintained that its services remain operational and that it remains committed to its markets.