OPay Limited has withdrawn its proposed initial public offering on the New York Stock Exchange after a regulatory inquiry in an undisclosed foreign jurisdiction prompted the company and its underwriters to terminate their agreement.
The decision stops the planned commencement of trading in OPay’s American depositary shares (ADSs), which the company had scheduled for Friday, 30 October.
In its pricing announcement, OPay offered 16 million ADSs at $19 each. The proposed sale would have generated $304 million before fees and other expenses. The company had expected the transaction to close on 2 November, subject to customary conditions.
However, OPay subsequently announced that it would discontinue the offering following consultations with the financial institutions handling the transaction.
Explaining its decision in a statement reproduced by InsideBusiness, the company said “after careful consideration and discussions with the underwriters, the Company determined that not proceeding with the Offering at this time would be the most prudent course of action.
“As such, the Company and the underwriters mutually agreed to terminate the underwriting agreement dated October 29, 2026, relating to the Offering. As a result, the Offering will not be completed, and the Company’s ADSs will not commence trading on the New York Stock Exchange as previously scheduled.”
The original transaction arrangements named Citigroup Global Markets, Deutsche Bank’s Hong Kong branch and the Standard Bank of South Africa as joint book-running managers. B. Riley Securities and Needham & Company were to act as co-managers.
OPay had also granted the underwriters a 30-day option to purchase up to 2.4 million additional ADSs to cover over-allotments. Those arrangements formed part of the proposed offering outlined before the withdrawal.
Addressing the implications for its customers and business partners, OPay maintained that the development would leave its services and existing operations unaffected.
“This development has no impact on OPay’s business operations, regulatory standing, or service delivery in Nigeria or any other market in which the Company operates. OPay continues to operate normally and remains fully committed to its customers, merchants, agents, business partners, employees, and the broader digital financial ecosystem across Nigeria, Indonesia, Egypt, and Pakistan.”
The company also rejected any interpretation of the withdrawal as evidence of problems with its financial position or operational standards.
“OPay wishes to emphasise that this development should not be misconstrued as a reflection on the Company’s business performance, financial condition, operational integrity, or regulatory standing. The matter relates to an inquiry in a foreign jurisdiction, which is being addressed through the appropriate channels. The Company remains confident that the inquiry will be resolved satisfactorily in the near future and is actively engaging the relevant stakeholders to facilitate an early resolution.”
On its investment plans, OPay said:
“OPay’s long-term commitment to Nigeria remains unwavering. The Company will continue to deepen its investments in the country’s digital financial services sector, promote financial inclusion, support economic growth, and contribute to the development of Nigeria’s digital economy. The Company appreciates the continued confidence and support of its stakeholders and will provide further updates as material developments occur.”
OPay said the jurisdiction concerned “is immaterial to the Company’s core business operations.” It did not identify the jurisdiction, name the regulator conducting the inquiry or explain the matters under examination.
The company also gave no replacement date for the proposed listing or a timetable for concluding the inquiry, according to Techpoint Africa’s report on the announcement.