OPay pulls US IPO over regulatory review

OPay has withdrawn its planned $304 million U.S. initial public offering (IPO) following a regulatory review in an unspecified location. The Nigerian fintech firm had set its share price at $19 per American depositary share (ADS), targeting a total valuation of approximately $4 billion. The listing, scheduled to trade on the New York Stock Exchange (NYSE) under the ticker OPAY beginning October 30, was abandoned before execution.

The company announced on October 29 that it had terminated its underwriting agreement with participating banks, attributing the move to ongoing discussions about the regulatory matter. OPay did not identify the investigating authority but emphasized the issue had no connection to its core business functions. A resolution was described as imminent, with the firm committing to collaborate with stakeholders to address the concern promptly.

Originally, OPay intended to issue 16 million ADSs within a pricing range of $19 to $21, potentially generating proceeds between $304 million and $336 million before additional allocations. At the lower band, this would have placed the company’s valuation at $4 billion. Key financial institutions involved included Citigroup, Deutsche Bank, Standard Bank, and China International Capital Corporation (CICC). SoftBank, which held a 6.6% stake prior to the proposed listing, was among the backers.

Earlier disclosures indicated preparations for a secondary listing on the Nigerian Exchange, an initiative already approved by its board and shareholders. The company has not yet clarified whether the regulatory review will affect this timeline. For the immediate term, OPay states its priority is resolving the inquiry while sustaining operations across its markets.

Established in 2018, OPay provides digital financial services, including mobile payments, remittances, savings accounts, and credit products. Its operations span Nigeria, Indonesia, Egypt, and Pakistan, with Nigeria serving as its largest market. As of July 31, 2026, the platform reported 50 million monthly active users, reinforcing its standing as a dominant force in emerging-market fintech. The regulatory review has not disrupted its customer-facing services or broader commercial activities.

The abandoned US IPO also raises questions about OPay’s broader capital markets ambitions.