OPay planned $304 million listing for New York don stop before trading start, after one regulatory inquiry wey later link to China. Di development disturb di Nigeria-focused fintech plan to enter di New York market at valuation around $4 billion.
Di company bin price 16 million American depositary shares at $19 each, na di bottom of im $19 to $21 range. But OPay and im underwriters terminate di offering before trading begin. Dat mean di company no complete di sale and no receive di money wey e bin plan to raise.
For filing with US Securities and Exchange Commission, OPay tok say di inquiry concern one jurisdiction wey e see as no material to im business operations. Di company no name di jurisdiction, di regulator or wetin di inquiry concern. OPay still tok say e expect di matter to resolve and say e no go affect im operations or customer service for Nigeria and other markets.
On 4 November, Bloomberg report, citing people wey know di matter, say one Chinese regulator make inquiries about OPay. OPay public filing no identify China, so wetin di regulator ask and why dem ask never dey public.
Before di withdrawal, OPay IPO prospectus bin address whether di company fit need approval from Chinese authorities to list for US. OPay tok say im legal advisers believe e no need to file with China securities regulator because e get no mainland China revenue for 2025 and im business and operating assets dey outside mainland China. Di prospectus still warn say uncertainty remain over whether Chinese approvals fit dey required for US listing in future.
Di filings show say OPay bin consider potential Chinese regulatory requirements before di IPO. Dem no establish say di Chinese inquiry concern di listing, or say US regulators stop di offering. OPay stated reason for withdrawing na inquiry from one unnamed foreign jurisdiction.
Di listing bin draw attention because of OPay scale for one of di largest economies for Africa. Im prospectus report US$467 million revenue for first half of 2026, up from US$197 million for same period one year earlier. Nigeria account for US$417.6 million, or 89.5%, of dat revenue. OPay also report US$90.9 million net income for di six months.
Di stalled offering also leave di timing of di planned investment from Standard Bank Group uncertain. Di lender wey dey South Africa tok say im investment bin expect to close alongside or shortly after OPay IPO, subject to di offering being completed and regulatory approvals. Di bank also outline plan to explore cooperation with OPay for payments and digital financial services across markets for Africa.
