OPay abandoned its planned New York offering after a regulatory inquiry in an undisclosed foreign jurisdiction. The company and its underwriters terminated their agreement, and trading scheduled for October 30 did not begin. The planned transaction comprised 16 million depositary shares priced at 19 dollars each, while OPay said its services continued normally across its operating markets.
OPay, a digital financial services company operating in Nigeria and other markets, withdrew its planned New York Stock Exchange offering after a regulatory inquiry in an unnamed foreign jurisdiction. Trading scheduled for October 30 did not begin. The company said it and its underwriters mutually terminated their October 29 underwriting agreement after discussions.[1], [2]
The proposed sale comprised 16 million American depositary shares at 19 dollars each, implying a valuation of about 4 billion dollars. These securities represented the company’s shares for the American market. OPay filed its registration statement with the US Securities and Exchange Commission on October 9. Underwriters had a 30-day option to buy another 2.4 million depositary shares.[1]
OPay said services continued normally in Nigeria, Indonesia, Egypt and Pakistan, and maintained its commitment to investment in Nigeria. Its board and shareholders had also approved a proposed Nigerian Exchange secondary listing following completion of the primary American listing. The company processed 358 billion dollars in transactions in 2025, against 166.2 billion dollars the preceding year; monthly active users increased from 25.1 million to 39.3 million.[1]
