SoftBank-backed fintech OPay calls off IPO, citing regulatory inquiry
OPay had planned to debut on the New York Stock Exchange last Friday
The company is emerging as one of Africa’s most valuable fintech companies, Bloomberg writes / Photo: Koshiro K / Shutterstock.com
African fintech start-up OPay has decided against proceeding with an initial offering on the New York Stock Exchange, according to a company statement filed with the U.S. Securities and Exchange Commission. The decision followed a regulatory inquiry, OPay stated. The start-up provided no details in its statement, saying only that the inquiry relates to “a jurisdiction that is immaterial to the company’s core business operations.”
“The company is confident that the inquiry will be concluded satisfactorily in the near future,” OPay stated. “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.”
Context
OPay was founded in 2018 and secured investment from SoftBank Vision Fund 2 in 2021. The fintech is incorporated in the Cayman Islands and headquartered in Singapore, but Nigeria remains its main market, accounting for 89.5% of revenue in the first half of 2026. It also operates in Egypt, Pakistan, and Indonesia.
OPay’s offering was set to be one of the highest-profile emerging-market fintech listings in New York this year, Bloomberg reported. The company was expected to debut at a valuation of around $4 billion.
Trading was scheduled to begin on Friday. The previous day, OPay priced its offering at $19 per depositary receipt. As of 14:00 New York time on Friday, the receipts were indicated to open at $16.25-16.75 apiece, but trading never began. At 15:30, the NYSE message feed reported a trading halt with news pending, though no executed trades appeared on the feed, Bloomberg reported.
Citigroup, Deutsche Bank, and Standard Bank led the IPO. Standard Bank referred requests for comment to the company, Citigroup declined to comment, and Deutsche Bank did not respond to Bloomberg’s request for comment.
Last week, Freedom accepted orders for early trading in OPay Limited shares on its client trading platform. Freedom states the exchange will reverse the trades and refund fees charged.
