Nigeria-focused OPay reportedly halts US IPO after China inquiry

Nigeria-focused payments company OPay has halted its $300 million US IPO hours after pricing it, following inquiries from a Chinese regulator, according to Bloomberg.

Inquiries by a Chinese regulator prompted Nigeria-focused payments company OPay Ltd. to halt its $300 million US initial public offering just hours after setting the price, according to people familiar with the matter, Bloomberg reports.

OPay has no operations in China and earns no revenue there, the people said. Its only link to the country is its founder, Zhou Yahui, a Chinese businessman who also founded Kunlun Tech, which previously owned the dating app Grindr.

Talks between the parties are ongoing, and it is unclear whether the matter can be resolved. A $4 billion valuation is at stake. The China Securities Regulatory Commission did not immediately respond to a request for comment.

OPay said the halt was linked to a regulatory inquiry from a foreign jurisdiction and should not be seen as a reflection on its business performance, financial condition or regulatory standing.

The company is headquartered in Singapore, does most of its business in Nigeria and has about 50 million monthly active users.