Last Updated on November 5, 2026 by TMB
OPay, the SoftBank-backed Nigerian fintech, has withdrawn its $304 million initial public offering (IPO) from the New York Stock Exchange (NYSE). The company cancelled the IPO following a regulatory development from an unspecified foreign jurisdiction. The decision was taken just before trading was scheduled to begin.
For the IPO, OPay priced 16 million American Depositary Shares (ADSs) at a range of $19 to $21. The pricing put the valuation at around $4 billion. However, although executives rang the bell at the NYSE, the shares, under the “OPAY” ticker, never began trading.
Unclear Withdrawal Terms
According to OPay, the inquiry was from a jurisdiction it considers “immaterial” to its core business. In a statement, the company also said that the inquiry “should not be misconstrued as a reflection on the Company’s business performance, financial condition, operational integrity, or regulatory standing.”
The statement adds that OPay and its underwriters mutually agreed to terminate the underwriting agreement on 29 October. The IPO underwriters were Standard Bank, Citigroup, and Deutsche Bank. However, according to reports, Deutsche Bank has not responded to related questions, and Citi refused to comment. Standard Bank asked that inquiries be relayed to OPay.
OPay has assured that it is addressing the inquiry and that the situation will not affect its core operations or primary market. The company is one of Nigeria’s largest fintechs, with a customer base of over 50 million as of July 31.
The company was founded in 2018 by Chinese billionaire and entrepreneur Zhou Yahui. The company was launched with backing from Opera software, where Yahui serves as executive chairman. SoftBank holds a 6.6% stake in OPay.
OPay Planned Primary and Secondary Listings
OPay had already secured official approval from board members and shareholders for a secondary listing on the Nigerian Exchange Limited (NGX). The listing was to follow after US trading began. According to an SEC filing on October 9, OPay’s revenue jumped 136.5% from $197.5 million in H1 2025 to $467.1 million in H1 2026. The company’s net income also grew from $21.7 million to $90.9 million. In addition, OPay’s biggest income source is lending, at $236.1 million, compared to the $130.6 million it generated from standard transaction fees.
Furthermore, OPay said it officially received interest from nine investors willing to buy shares worth $270 million. Coronation Africa Frontiers Fund, Ninety One, and Redwheel are some of the named investors. Stanbic Africa Holdings also agreed to a concurrent private placement purchase of up to $200 million.
OPay was recently named Digital Bank of the Year and Financial Inclusion Leader of the Year at the BusinessDay BAFI Awards, which recognizes excellence in Nigeria’s banking and financial industry.
