Why Opay suspended listing, trading on New York Stock Exchange

OPay Limited has withdrawn its $304 million initial public offering (IPO) on the New York Stock Exchange (NYSE) following a regulatory inquiry involving a foreign jurisdiction it described as immaterial to its core business operations.The decision came barely a day after the Nigeria-focused fintech company priced its offering at $19 per American Depositary Share (ADS), valuing the business at approximately $4 billion.