Bloomberg Markets details the halted IPO on air
6 Nov 2 5:51 AM · 11d ago · 1 article · 1 comment · 2 sources · development 6 of 6
A Bloomberg Markets segment summarized that OPay halted its NYSE IPO amid a regulatory inquiry after shares failed to trade following the $304 million raise.
“The usual options are to amend the filing and reprice, or withdraw. Withdrawing is the cleaner choice when the facts aren't known yet, which fits OPay not naming the regulator.”
Wonderful-Ad-6633, Reddit commenter · reddit ↗Lars Boilesen OPay co-CEOStephen Wen OPay co-CEOJames Perry OPay CFOSoftBank Group Corp. Major OPay investorStandard Bank Investor tied to the IPO
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first by Bloomberg Markets, 11d ago · also Bloomberg
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If a material issue surfaces in that window, like a regulatory inquiry, the deal can't close on the existing disclosure without legal risk for the company and the underwriters. The usual options are to amend the filing and reprice, or withdraw. Withdrawing is the cleaner choice when the facts aren't known yet, which fits OPay not naming the…
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OPay’s abrupt withdrawal of its $304 million US IPO casts a shadow over one of Africa’s most ambitious fintech listings, after an undisclosed foreign regulatory inquiry derailed its New York debut.
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I spent a lot of time reading about this on Friday evening. Very very suspicious. I kind of wonder if they just pulled it because of market conditions, but this is not the kind of excuse you would use unless something even worse was pending discovery. That being said, it could also just be something political. The market isn't functioning anymore…
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