OPay suspends $304m NYSE IPO over foreign regulatory inquiry

OPay Limited has suspended its planned initial public offering (IPO) on the New York Stock Exchange (NYSE) following a regulatory inquiry in a foreign jurisdiction, Daily Times reports.

The SoftBank-backed fintech had priced 16 million American Depositary Shares at $19 each. That would have raised about $304 million and valued the company at roughly $4 billion. Trading was due to begin on October 30 under the ticker OPAY but did not start.

In a statement on Saturday, OPay said it and its underwriters mutually agreed to terminate the underwriting agreement after concluding that not proceeding was the most prudent course.

The company said the inquiry relates to a jurisdiction that is immaterial to its core operations and does not reflect on its business performance or regulatory standing. It expects the matter to be resolved satisfactorily in the near future.

OPay said its operations in Nigeria and other markets, including Indonesia, Egypt and Pakistan, are unaffected. It reaffirmed its commitment to Nigeria’s digital economy and financial inclusion.