SoftBank-backed digital payments company OPay withdrew a planned US$304-million initial public offering in the US on Friday, citing a regulatory inquiry in a foreign jurisdiction it did not identify.
The Nigeria-focused company described the inquiry as relating to a jurisdiction “immaterial” to its core operations. Its statement did not name the regulator or say what the inquiry was about.
OPay said it expected the matter to be resolved satisfactorily in the near future and that the probe “should not be misconstrued as a reflection on the company’s business performance, financial condition, operational integrity or regulatory standing”.
The company said the inquiry would not affect its operations, regulatory standing or customer service in Nigeria or its other markets.
Earlier in the day, OPay said it had priced 16 million American depositary shares – certificates traded in the US that represent shares in a foreign company – at $19 each, the bottom of its targeted range of $19 to $21. That valued the company at about $4-billion.
Standard Bank, one of the underwriters, had also agreed to buy up to $200-million of OPay shares in a private placement alongside the listing, TechCentral reported in October.
Japanese tech investor SoftBank Group’s entities owned a 6.6% stake in OPay before the offering.
Numerous companies worldwide have delayed stock market listings in recent weeks as stubborn inflation and a sell-off in AI-related stocks have weighed on investor sentiment.
50 million users
OPay, founded in 2018, provides digital financial services across emerging markets, including Nigeria and Indonesia. Its app offers payments, money transfers, savings and loans in economies where limited access to traditional banking can make everyday transactions difficult.
OPay was founded by Chinese billionaire Yahui Zhou, who also founded Beijing Kunlun Tech, a Chinese gaming company that previously owned dating app Grindr. The fintech raised $400-million in 2021 at a valuation of $2-billion. It had about 50 million monthly active users at 31 July, according to its IPO prospectus.
Citigroup, Deutsche Bank and China International Capital Corp were among the other underwriters. The company had planned to list on the New York Stock Exchange under the ticker symbol OPAY. — Prakhar Srivastava, Pragyan Kalita and Rishabh Jaiswal, with additional reporting (c) 2026 NewsCentral Media
