OPay suspends trading on the New York Stock Exchange over regulatory review

OPay has announced it will not begin trading on the New York Stock Exchange as previously scheduled because of a regulatory review in a foreign jurisdiction. The development means OPay’s American Depositary Shares (ADSs) will not commence trading on the NYSE as previously scheduled, effectively halting the proposed listing.

The fintech, in a statement shared with Technext, insists that the regulatory inquiry relates to a jurisdiction that is immaterial to the Company’s core business operations.

According to the company, the decision followed careful consideration and discussions with the underwriters, after which both parties mutually agreed to terminate the underwriting agreement dated October 29, 2026.

“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”, the statement reads.

Recall that Opay announced the pricing of its initial public offering (IPO) in the U.S. at $19 per share, placing the company’s valuation at around $4 billion.

Read more about it here: OPay prices US IPO at $19 per share, valuing the fintech at about $4 billion

The IPO includes 16 million American depositary shares (ADSs) priced at $19 each, at the lower end of the proposed $19 to $21 range. According to a report, the offering aims to raise about $304 million before fees and expenses. Additionally, the underwriters have a 30-day option to acquire up to 2.4 million more ADSs to manage any over-allotments.

The company plans to start trading on the New York Stock Exchange (NYSE) under the ticker symbol OPAY, with the offering expected to close on November 2, pending customary conditions. Each ADS corresponds to 10 ordinary shares.

The development marks a crucial milestone in a well-applauded story of a Nigerian fintech that has gone global. But, OPay, however, stressed that the decision should not be interpreted as a reflection of its business performance, financial condition, operational integrity or regulatory standing.

“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”, the statement added.

It maintained that the matter concerns an inquiry in a foreign jurisdiction, which it is addressing through appropriate channels, adding that it is engaging relevant stakeholders to facilitate an early resolution. The fintech firm said it would continue to deepen investments in the country’s digital financial services sector, promote financial inclusion, support economic growth and contribute to the development of the digital economy.

“The Company appreciates the continued confidence and support of its stakeholders and will provide further updates as material developments occur”, it concludes.