OPay, the SoftBank-backed Nigerian digital payments company, has abandoned its planned $304 million initial public offering (IPO) in the United States following a regulatory inquiry in an undisclosed foreign jurisdiction.
The company had priced its offering at $19 per American depositary share (ADS), valuing the business at approximately $4 billion. Its shares were expected to begin trading on the New York Stock Exchange (NYSE) on Friday, October 30, under the ticker symbol OPAY.
However, the planned debut was called off before trading commenced.
In a statement on Saturday, OPay confirmed that it had mutually agreed with its underwriters to terminate the underwriting agreement dated October 29 following discussions concerning the regulatory inquiry. The company did not identify the jurisdiction or regulatory authority involved but described the matter as immaterial to its core business operations.
“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,” OPay said.
OPay expressed confidence that the inquiry would be resolved satisfactorily in the near future, adding that it was engaging relevant stakeholders to facilitate an early resolution.
The company also maintained that the development would not affect its operations, regulatory standing or customer services across its markets. In February 2016, a Chinese consortium offered approximately $1.2 billion to acquire Opera Software. The proposed full-company takeover subsequently failed to secure regulatory approvals. In July 2016, the consortium agreed to acquire Opera’s consumer browser business and related assets for $600 million. TechMoran believes this is not part of the inquiry as it was made public a decade ago.
$4 Billion Valuation at Stake
OPay had planned to sell 16 million ADSs at an indicative price range of $19 to $21, potentially raising between $304 million and $336 million before any over-allotment. At the $19 offer price, the company would have raised $304 million, with an implied valuation of approximately $4 billion. Citigroup, Deutsche Bank, Standard Bank and China International Capital Corporation (CICC) were among the financial institutions involved in the offering. SoftBank entities held a 6.6% stake in OPay ahead of the proposed listing, according to its IPO documents.
OPay’s African Fintech Expansion
Founded in 2018, OPay provides digital financial services, including mobile payments, money transfers, savings and loans.
The company operates in Nigeria, Indonesia, Egypt and Pakistan, with Nigeria serving as its principal market. Its IPO prospectus indicated that OPay had approximately 50 million monthly active users as of July 31, 2026, positioning it among the major digital financial services providers in emerging markets. The company has built its business around mobile payments and financial services targeting underserved consumers and businesses.
Nigerian Listing Plans Uncertain
The abandoned US IPO also raises questions about OPay’s broader capital markets ambitions, including previously reported plans for a secondary listing on the Nigerian Exchange. The company’s board and shareholders had approved the proposed Nigerian listing, which was expected to follow its US market debut.
OPay has not clarified whether the regulatory inquiry will affect those plans or when it might return to international capital markets. For now, the company says its priority is resolving the regulatory matter while maintaining business operations and serving customers across its markets.
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