OPay Raises $304m in US IPO, Valued at $4bn, Puts Trading on Hold

Nume Ekeghe and Sunday Ehigiator

SoftBank-backed Nigerian fintech company, OPay, has raised $304 million through its initial public offering (IPO) in the United States, securing a valuation of approximately $4 billion, but has suspended the commencement of trading in its shares following a regulatory inquiry relating to a jurisdiction that is immaterial to its business operations.

The company, which marked its listing yesterday by ringing the opening bell at the New York Stock Exchange (NYSE) provided an update regarding its New York Stock Exchange (“NYSE”) initial public offering (the “Offering”) with regard to a regulatory inquiry relating to a jurisdiction that is immaterial to the Company’s core business operations.

OPay’s Co-Chief Executive Officer, Lars Rahbaek Boilesen, and Shamsuddeen Usman represented the fintech company at the NYSE ceremony.

According to Reuters, OPay sold 16 million American depositary shares at $19 each, raising $304 million. The offer price was at the lower end of its targeted range of $19 to $21 per share, giving the company a valuation of about $4 billion.

The listing comes amid growing demand for digital financial services across emerging markets, particularly economies where gaps in traditional banking infrastructure continue to create opportunities for fintech operators.

Reuters reported that the offering took place against a backdrop of stubborn inflation and a sell-off in AI-related stocks, which had weighed on investor sentiment and prompted some companies to delay their listing plans amid market volatility and valuation concerns.

However, in a statement obtained by THISDAY yesterday, “The Company is confident that the inquiry will be concluded satisfactorily in the near future; however, 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. As such, the Company and the underwriters mutually agreed to terminate the underwriting agreement dated October 29, 2026, relating to the Offering.

As a result, the Offering will not be completed, and the Company’s ADSs will not commence trading on the New York Stock Exchange as previously scheduled.”

“OPay wishes to emphasise that this development should not be misconstrued as a reflection on the Company’s business performance, financial condition, operational integrity, or regulatory standing. The matter relates to an inquiry in a foreign jurisdiction, which is being addressed through the appropriate channels.” the statement said.

OPay expressed confidence that the matter would be resolved in the near future, adding that it was actively engaging relevant stakeholders to facilitate an early resolution.

The company also assured customers and business partners that the development had no impact on its business operations, regulatory standing or service delivery in Nigeria.

It said it continued to operate normally and remained committed to its Nigerian customers, merchants, agents, business partners and the broader financial ecosystem.

“OPay’s long-term commitment to Nigeria remains unwavering. The Company will continue to deepen its investments in the country’s digital financial services sector, promote financial inclusion, support economic growth and contribute to the development of Nigeria’s digital economy,” it stated.

Founded in 2018, OPay provides digital financial services across emerging economies, including Nigeria and Indonesia. Its platform offers payments, money transfers and savings through a single application, targeting markets where limited access to conventional banking services often makes everyday financial transactions difficult.

According to its IPO prospectus, OPay had approximately 50 million monthly active users as of July 31, reflecting the scale of its customer base as it approaches the next phase of its expansion.

The company said it would provide further updates as material developments occur.