OPay Abandons $304 Million US IPO After Regulatory Inquiry

OPay, the SoftBank-backed digital payments company with a major presence in Nigeria, has abandoned its planned US initial public offering (IPO) following a regulatory inquiry in an undisclosed foreign jurisdiction.

The company had priced its offering at $19 per American depositary share (ADS), putting its estimated valuation at approximately $4 billion. Its shares were scheduled to begin trading on the New York Stock Exchange (NYSE) on Friday, October 30, under the ticker symbol OPAY. However, the listing was withdrawn before trading began.

In a statement issued on Saturday, OPay confirmed that it had mutually agreed with its underwriters to terminate the underwriting agreement dated October 29 after discussions about the inquiry.

The company did not disclose which jurisdiction or regulatory authority was involved. It described the matter as immaterial to its core business operations and said it had decided that postponing the offering was the most prudent course of action.

OPay added that it remained confident the inquiry would be resolved satisfactorily in the near future. It is engaging with relevant stakeholders to facilitate an early resolution.

The company also said the development would not affect its operations, regulatory standing or customer services in the markets where it operates.

$4 Billion Valuation and $304 Million Fundraising Target

OPay planned to offer 16 million ADSs at a price range of $19 to $21 each. At the lower end of that range, the offering would have raised $304 million before expenses, with the potential to generate up to $336 million at the upper end, excluding any over-allotment option.

Citigroup, Deutsche Bank, Standard Bank and China International Capital Corporation (CICC) were among the financial institutions involved in the proposed offering.

According to OPay's IPO documents, entities affiliated with SoftBank held a 6.6% stake in the company ahead of the planned listing.

The withdrawal leaves the proposed US offering on hold while the company addresses the regulatory inquiry. OPay has not announced a revised listing date.

OPay's Digital Payments Business

Founded in 2018, OPay provides digital financial services including mobile payments, money transfers, savings and loans. Nigeria is its principal market, while the company also operates in Indonesia, Egypt and Pakistan.

Its IPO prospectus reported approximately 50 million monthly active users as of July 31, 2026. The company has built its business around mobile financial services for consumers and businesses, including users with limited access to traditional banking services.

The proposed US listing would have given OPay access to international capital markets and provided investors with an opportunity to buy into its digital payments business.

Nigerian Listing Plans Remain Unclear

OPay had also been linked to plans for a secondary listing on the Nigerian Exchange, which was expected to follow its proposed US market debut. The company's board and shareholders had reportedly approved the Nigerian listing.

However, OPay has not clarified whether the regulatory inquiry will affect those plans or whether it intends to pursue another US offering.

The company has said the inquiry does not affect its operations or customer services. Its next steps in the capital markets will depend on how the regulatory matter is resolved.