OPay withdraws $304M NYSE IPO after pricing, citing foreign regulatory inquiry

OPay priced its NYSE IPO on October 30, 2026, selling 16 million American Depositary Shares (ADS, each representing 10 ordinary shares) at $19, the low end of the range, for gross proceeds of $304 million. This implied a valuation of approximately $4 billion, double its 2021 private valuation. Executives rang the NYSE opening bell, but shares never traded after a trading halt; the company and underwriters mutually terminated the offering the following day.

The withdrawal was attributed to a regulatory inquiry from a foreign jurisdiction described by OPay as immaterial to its core Nigerian operations. The company stated the matter is expected to resolve satisfactorily, does not reflect on its performance or regulatory standing in key markets, and will not impact ongoing operations or customer service. A concurrent private placement by Stanbic Africa Holdings (Standard Bank Group subsidiary, up to $200M for up to 4.99% stake) was tied to IPO completion and also did not proceed.

Proceeds had been earmarked for technology investment, distribution expansion, new products, market growth, and potential acquisitions. OPay had also planned a secondary listing on the Nigerian Exchange (NGX) post-NYSE debut. The company remains private with strong profitability (H1 2026 net income $90.9M on $467M revenue).

OPay operates an integrated digital financial services platform that provides payments, money transfers, savings, loans, and merchant services primarily through a mobile app. The company focuses on serving unbanked and underbanked populations in markets with limited traditional banking infrastructure. Nigeria accounts for the vast majority of its revenue and users, with additional operations in Indonesia, Egypt, and Pakistan.

As of mid-2026, OPay reported approximately 50 million monthly active users and over 26 million daily active users. The business model combines transaction fees, interest income from lending (which has become a major revenue contributor), and other financial service charges. It holds relevant licenses including a mobile money operator license in Nigeria and has expanded its physical presence with customer support offices.

The company was incubated by Opera and spun out as an independent entity. It remains private following the withdrawal of its planned NYSE listing.