OPay withdraws $304M NYSE IPO after undisclosed regulatory inquiry
SoftBank-backed Nigerian fintech priced shares at $19, never traded, then pulled the offering citing an unnamed foreign regulator's inquiry.
What to know
- OPay priced its NYSE IPO at $19/ADS, raising $304 million and valuing the company at about $4 billion, which would have made it the first major Nigeria-focused fintech on a US exchange.
- Shares never began trading as scheduled on Friday; OPay halted and then formally withdrew the offering, citing a regulatory inquiry it has not identified by regulator or jurisdiction.
- Pre-opening price indications had fallen 12%–14.5% below the $19 offer price before the deal was scrapped, though no trade ever executed.
- A separate $200 million Standard Bank investment tied to the deal is flagged by observers as a detail to watch going forward.
“In Nigeria, more than 60 per cent of the population are underserved by traditional banks and rely on cash. As we grow, we will stay focused on solving our customers' pain points to make financial services accessible and convenient.”
Stephen Wen, OPay co-CEO · Premium Times Nigeria ↗ · Oct 29
Lars Boilesen OPay co-CEOStephen Wen OPay co-CEOJames Perry OPay CFOSoftBank Group Corp. Major OPay investorStandard Bank Investor tied to the IPO
How it unfolded 6 developments, newest first · click a bar or a number to jump articlespostscomments
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6
Bloomberg Markets details the halted IPO on air
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 · source -
first by Bloomberg Markets, 11d ago · also Bloomberg
2 more headlines
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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…
2 more of the top 3 · 3 posts in this stretch
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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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5
Pre-open price data shows shares trading well below offer price
Analysis circulating after the withdrawal notes pre-opening indications had fallen to $16.25–$16.75, roughly 12%–14.5% below the $19 offer price, though these were preliminary quotes rather than executed trades, and flags a separate $200 million Standard Bank investment tied to the deal as worth watching.
“The $200 million Standard Bank investment is the detail to wa…”
— Wonderful-Ad-6633 - 1 day quiet
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4
OPay formally withdraws the $304m IPO
OPay withdrew the planned US IPO later the same Friday, still without identifying the regulator or the nature of the inquiry prompting the cancellation.
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1 outlet first by Premium Times Nigeria, 13d ago · read ↗
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OPay halts IPO to respond to a regulatory inquiry
OPay halted the NYSE offering that was supposed to begin trading Friday, saying it needed to respond to a regulatory inquiry; the company did not name the regulator.
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2 outlets first by Bloomberg Tech, 13d ago · also Investing.com News · read ↗
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2
OPay shares fail to begin trading on NYSE debut
Despite pricing at the bottom of its range and raising $304 million, Opay shares did not start trading in New York as expected on the scheduled Friday debut.
“Today, OPay serves over 50 million monthly active users across Nigeria, Egypt, Pakistan, and Indonesia. Since launching in Nigeria eight years ago, we have pioneered seamless digital payments to become the country's leading digital financial platform.”
— Lars Boilesen, OPay co-CEO · source -
first by Bloomberg Tech, 14d ago
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1
OPay prices NYSE IPO at $19/ADS, raising $304 million
OPay priced its US IPO at $19 per American Depositary Share, selling 16 million ADSs (each representing 10 ordinary shares) and valuing the Nigeria-focused fintech at about $4 billion. Executives touted 50 million monthly active users across Nigeria, Egypt, Pakistan and Indonesia and a $1 billion revenue run rate.
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first by Premium Times Nigeria, 14d ago
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first by Bloomberg Tech, 14d ago
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