OPay updates investors after NYSE debut

Spread the word Fintech with a solid footprint in Nigeria, OPay Limited, has provided an update regarding its anticipated initial public offering (IPO) on the New York Stock Exchange (NYSE), announcing that it has mutually agreed with underwriters to terminate the underwriting agreement and halt the offering at this time. The decision follows a regulatory inquiry relating to a jurisdiction that the company maintains is immaterial to its core business operations.

While expressing strong confidence that the regulatory matter will be resolved satisfactorily in the near future, OPay noted that, after careful deliberation alongside its underwriters, stepping back from the immediate rollout was the most prudent step.

Consequently, the offering will not proceed as previously scheduled, and the company’s American Depositary Shares (ADSs) will not commence trading on the NYSE, the fintech company disclosed.

In its official statement, OPay emphasised that the development should not be misconstrued as a reflection of its financial health, operational integrity, or overall regulatory standing.

“The matter relates to an inquiry in a foreign jurisdiction, which is being addressed through the appropriate channels.

The Company remains confident that the inquiry will be resolved satisfactorily in the near future and is actively engaging the relevant stakeholders to facilitate an early resolution.”

OPay assured customers, merchants, agents, and business partners that the development has zero impact on its day-to-day operations, service delivery, or regulatory compliance across its active markets, which include Nigeria, Indonesia, Egypt, and Pakistan.

Reaffirming its long-term dedication to the region, the company stressed that its commitment to Nigeria remains unwavering.

OPay intends to press forward with deepening investments in the country’s digital financial services infrastructure, driving financial inclusion, supporting broader economic growth, and contributing to Nigeria’s expanding digital economy.

The fintech platform expressed appreciation for its stakeholders’ continued support and said it will share further updates as material developments occur.

The fintech company, with Nigeria as a key market, raised $304 million on the NYSE on Friday at $4.1 billion valuation. In 8 years, OPay has grown into a large depositor base and solved challenges that traditional lenders still face after decades of operations.Market data insights.

Launched in Nigeria in 2018, OPay operates an integrated digital financial platform serving users in Nigeria, Egypt, Pakistan and Indonesia. The fintech giant would use its IPO proceeds to invest in technology and support growth in Nigeria and other African markets.